NTT Data has acquired Alchemy Technology Services, a specialist insurance technology consultancy.
In addition to strong consultancy and Guidewire credentials, Alchemy has expertise in the specialty insurance market, particularly in supporting complex and regulated environments, such as the London Market, the largest (re)insurance subscription market globally.
NTT Data aims to lead the digital reinvention of the insurance sector – a market set to reach $230,7- billion in IT spend this year.
The integration will accelerate core modernization efforts with agility and scalability, support the digital transformation of key markets and foster a smarter, more connected and data-driven approach to insurance. Together, the companies will co-innovate around emerging technologies including AI, automation, sustainability and next-generation insurance products.
The Alchemy team will serve as a Global Centre of Excellence, helping shape and deliver complex transformation programs for insurers worldwide. Alchemy’s delivery model will be adopted internationally, with its academy training approach extended to support teams in other global locations.
Bruno Abril, global lead: insurance industry at NTT Data, says: “Joining forces with Alchemy enhances our ability to accelerate digital transformation in the insurance industry, reinforcing our strategic growth ambitions and the vast opportunities we see ahead. IT modernization in P&C insurance is not a fleeting trend – it’s a core market priority attracting sustained investment. Together, we are uniquely positioned to lead this transformation. This acquisition is a natural evolution of our shared vision, complementary capabilities and aligned values, empowering us to deliver smarter, scalable solutions that meet the evolving needs of insurers worldwide.”
John Harkin, founder and CEO of Alchemy, comments: “This is a proud and exciting moment for our team, our clients, and the wider region. Becoming part of NTT DATA unlocks extraordinary opportunities, not just for international growth, but for expanding the reach and impact of the work we do. As someone deeply committed to the north-west of Ireland, I’m especially proud that this move allows us to reaffirm and strengthen our long-term commitment to the area.”