Wipro Secures $650M, 10-Year Deal with ReAssure UK

27 Mar 2025 , 10:38 AM

On March 26, Wipro Ltd. also revealed that it had signed a 10-year contract worth $650 million (£500 million) with ReAssure UK Services Limited, a subsidiary of Phoenix Group, to become the first provider of long-term savings and retirement businesses in the UK. The agreement is a master services contract and will see the implementation of platform-based life and pension TPA services for the entirety of ReAssure’s business over the next 10 years.

The contract had been signed via Wipro Limited together with its wholly owned subsidiary, Wipro Financial Outsourcing Services Limited (WFOSL), reinforcing Wipro’s presence within the UK monetary providers sector.

Wipro will manage core business operations – policy administration; claims processing; customer service support; data management; reporting; and regulatory compliance as part of the multi-year deal.

The agreement covers the modernization of ReAssure’s core policy administration system, ALPHA, using artificial intelligence, automation, cloud computing and digital transformation technologies to increase efficiency and scalability.

This strategic tie-up builds on Wipro’s long-term vision to increase the firm’s position in the financial services and insurance technology domains on the global stage and at the same time, bolster ReAssure’s operational aspects. The contract highlights Wipro’s focus on digital transformation, reaffirming its position as a partner of choice in the life and pensions space.

In the National Stock Exchange, shares of Wipro Ltd is currently trading at ₹270.80 which is a 1.27% gain than the previous close. The stock has gained a total of 14.67% in the last one year, and 8% dip in the last one month.