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Wipro bags £500 mn strategic deal from Phoenix Group of U.K.

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Wipro bags £500 mn strategic deal from Phoenix Group of U.K.


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Wipro Limited, a technology services and consulting firm, on Wednesday (March 26, 2025), said it has won a £500 million, 10-year strategic deal with Phoenix Group, the U.K.’s largest long-term savings and retirement business.

Also Read | Wipro commits $200 mn to venture arm Wipro Ventures

The project was designed to deliver life and pension business administration for the ReAssure business and accelerate Phoenix Group’s operational transformation, the company said in a communique.

As per the deal, Wipro’s existing CA-regulated entity, Wipro Financial Outsourcing Services Limited (WFOSL), will deliver comprehensive life and pension administration services to Phoenix Group’s ReAssure customers. These services will encompass Policy Administration, Claims Processing, Customer Service Support, Data Management and Reporting, Compliance and Regulatory Support, as well as Platform Technologies.

“This engagement with Phoenix Group marks an important milestone in the evolution of our work with financial institutions in the U.K.,” said Omkar Nisal, CEO – Europe, Wipro Limited and Non-Executive Chairman of WFOSL.

“This deal further underscored Wipro’s commitment to helping financial institutions deliver exceptional client experiences and further cements our position as a key player in the Life and Pension Third Party Administration (TPA) provider sector in the U.K.,” he added.

As part of the engagement, Wipro will assume management of the core policy administration ALPHA platform, modernising it with AI, Automation, Cloud, and Digital transformation technologies.

Wipro would also strengthen its U.K. presence by establishing additional technology and operational service hubs. These hubs will be supported by a team of experts from both Phoenix Group and Wipro, who will work collaboratively to further enhance the customer experience. As part of this transformational initiative, a number of Phoenix employees will transition to Wipro, as per the communique.

Nagendra Bandaru, Managing Partner and Global Head -Technology Services, Wipro Limited, said this strategic engagement with Phoenix Group reflected Wipro’s commitment to leveraging its deep transformation expertise around process and technology – including cloud, data, and AI to drive increased operational agility for clients in the financial services sector.

Andy Briggs, Phoenix Group’s CEO, said, “Wipro’s expertise in technology and service makes them ideally placed to help us deliver outstanding service and value for our ReAssure customers on their journey to and through retirement.’‘

Published – March 26, 2025 06:20 pm IST



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Pune company loses Rs 6.5 crore in cyber fraud – Times of India

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April 24, 2025

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PUNE: Man-in-the-Middle (MitM) cyber frauds cheated a Pune-based firm, dealing in IT services and imports of dry fruits, out of Rs 6.5 crore on March 27.
MitM is a type of cyber fraud in which an attacker intercepts and relays communication between two parties, making it appear as if they are communicating directly.
As per the police complaint, the 39-year-old company director received an email on the company ID purportedly from a US firm he did business with about a payment request. He initiated the transaction believing the email request was legitimate. But later, when he contacted officials of the other firm, they denied receiving the amount. He checked the email he had received and discovered fraudsters had made two alterations – they changed one letter in the other firm’s email address and its bank account number.





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LIC to expedite claim settlements of Pahalgam terror victims

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7 hours ago

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April 24, 2025

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Life Insurance Corporation of India (LIC) on Thursday (April 24, 2025) announced that it will expedite claim settlements of Pahalgam terror attack victims in an effort to provide financial relief to their families.

Expressing deep grief over the death of innocent citizens in the terrorist attack, CEO and MD Siddharta Mohanty said LIC has decided to offer concessions to mitigate the hardships of the claimants.

In lieu of death certificates, any evidence in government records of death of the policyholder due to the terrorist attack or any compensation paid by the Union or State governments will be accepted as proof of death. All efforts will be taken to ensure that the claimants are reached out to and claims settled expeditiously to the affected families,” he said in a release.

For assistance, the claimants may contact the nearest LIC branch, division, or customer zones. They may also call LIC call centre at 022 68276827, the company said.

Insurance aggregator Policybazaar said it would like to offer a job to a family member in any of the Policybazaar or Paisabazaar offices located across India or sponsor a child’s education for every impacted Indian family in Pahalgam. “It is a very small gesture towards creating a social security cover for these families,” co-founder Alok Bansal said in a social media post.

Published – April 24, 2025 11:26 pm IST



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Like Voda Idea, now Airtel looks to convert govt’s statutory debt with equity swap – Times of India

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7 hours ago

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April 24, 2025

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NEW DELHI: In a significant development, Bharti Airtel is understood to have approached the govt for swapping its statutory dues with equity, something that has been done in the case of beleaguered Vodafone Idea.The company is understood to have outstanding govt payment dues of over Rs 70,000 crore, including Rs 40,000 crore of AGR dues.
Sources said that Airtel believes that the measure will help it conserve cash, while also enabling the govt to be a part of a fast-growing enterprise which carries prospects of a growth in share price and resultant valuations. “A proposal to this effect is understood to have been submitted to the department of telecom,” a source said.
Airtel has not officially commented on the matter as yet.
The formula to swap the outstanding statutory payment dues with equity had been initiated by the department of telecom to help the industry, particularly loss-making Vodafone Idea tide over the financial challenges and continue as a going concern.
Airtel’s current market cap is around Rs 10.5 lakh crore, as per the details on the Bombay Stock Exchange. The company will need to transfer around 6% equity to the govt to clear its statutory dues. Shares of Airtel closed the day at Rs 1,845 on the BSE, down 2%.
Market analysts believe that govt has “a chance of realising positive returns” from the Airtel equity, considering that the company has been growing in profitability. This will be unlike Vodafone Idea where the value of its stake value has so far only fetched negative returns with the company’s scrip remaining below Rs 10 for most of the period of govt’s holding.
Govt had converted the Voda Idea statutory debt into equity at a price of Rs 10 per share, which is the face value. The current price of the company’s share is Rs 8, down one per cent at close on Thursday.





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