The UK’s largest long-term savings and retirement company, Phoenix Group, has agreed to a 10-year strategic collaboration worth about $650 million (£500 million), according to IT company Wipro. The partnership is to propel the operational transformation of Phoenix Group and improve life and pension business administration for the ReAssure business.

A variety of life and pension administration services will be offered by Wipro Financial Outsourcing Services Limited (WFOSL), an organization governed by the Financial Conduct Authority (FCA). These will comprise platform technologies, data management and reporting, customer service support, policy administration, claims processing, and compliance and regulatory assistance.

Omkar Nisal, CEO – Europe, Wipro, said, “This engagement with Phoenix Group marks an important milestone in the evolution of our work with financial institutions in the UK. We are proud to support Phoenix Group in the transformation of their ReAssure business and help them achieve their long-term objectives.”

Wipro will be in charge of managing and updating the main policy administration ALPHA platform as part of the deal, integrating cloud, automation, artificial intelligence, and digital transformation technologies.  The initiative’s goals are to increase productivity and improve policyholders’ experiences with Phoenix Group.

Wipro will also create new operational service and technology hubs to increase its footprint in the UK.  Experts from Phoenix Group and Wipro will assist with these hubs.  Many Phoenix Group employees will move to Wipro as part of the changeover.