Phoenix Group has formed a strategic alliance with Wipro through a business process outsourcing (BPO) agreement, following an assessment of its IT strategy and long-term operational goals.
As part of this collaboration, Wipro will take charge of life and pension administration services for the ReAssure division and manage the ALPHA platform. The agreement, valued at £500 million (approximately US$645 million), is set to last for a decade.
This partnership aims to facilitate the ReAssure transformation initiative by streamlining operations and reallocating resources to other key strategic projects. Wipro has pledged to invest in the ALPHA platform and associated services to enhance Phoenix’s customer experience objectives.
Additionally, this partnership with Wipro will complement Phoenix’s existing relationship with TCS Diligenta, which remains a vital strategic partner and will continue to support the development of new business capabilities.
Phoenix Group’s long-term platform strategy envisions managing over 8 million existing policies on TCS’s BaNCS platform.
CEO Andy Briggs stated that collaborating with Wipro will eliminate the need to transfer ReAssure customers or bear the costs associated with platform replacement.
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