NTT DATA Boosts Global Insurance with Alchemy Acquisition
▼ Summary
– NTT Data has acquired Alchemy Technology Services to strengthen its global insurance transformation capabilities and address challenges in agility, modernization, and scalability.
– Alchemy brings deep expertise in the specialty insurance market and regulated environments like the London Market, enhancing NTT Data’s ability to serve niche segments.
– The acquisition supports NTT Data’s strategy to lead digital reinvention in the insurance sector, which is projected to reach $230.7 billion in IT spend this year.
– The combined companies will co-innovate with emerging technologies like AI and automation to accelerate core modernization and digital transformation for insurers worldwide.
– Alchemy will serve as a Global Centre of Excellence, extending its training model and delivery approach internationally while strengthening NTT Data’s regional presence in the UK and Ireland.
NTT DATA has significantly strengthened its position in the global insurance technology sector through the strategic acquisition of Alchemy Technology Services. This move underscores a dedicated effort to reshape the insurance ecosystem by tackling critical issues related to operational agility, system modernization, and scalable growth. The integration of Alchemy’s specialized consultancy skills and deep expertise in complex, regulated markets like the London Market, the world’s largest subscription market for reinsurance, will enable NTT DATA to better serve high-value and niche insurance segments worldwide.
The acquisition represents a pivotal step in NTT DATA’s broader strategy to lead the digital reinvention of insurance, an industry projected to see IT spending reach $230.7 billion this year. With a robust global network of more than 15,000 insurance specialists across 26 countries and a client base that includes six of the top ten insurers by revenue, the company is now exceptionally well-equipped to meet the changing demands of the sector. By uniting its international scale with Alchemy’s strong regional presence and specialized knowledge, NTT DATA can accelerate core system modernization and support comprehensive digital transformation across key markets.
Clients will benefit from expanded capabilities in core system implementation, digital transformation programs, testing, and application management. The Alchemy team will function as a Global Centre of Excellence, shaping and executing complex transformation initiatives for insurers around the world. Alchemy’s distinctive delivery model and its acclaimed academy training approach, which has developed over 200 professionals since 2018, will be scaled internationally, enhancing talent development and service delivery.
Both organizations emphasize a collaborative and transparent integration process, grounded in shared values of teamwork, innovation, and development. Bruno Abril, Global Lead for the Insurance Industry at NTT DATA, Inc., remarked, “Partnering with Alchemy accelerates our capacity to drive digital transformation across the insurance industry. This step reinforces our strategic growth goals and the significant opportunities we anticipate. Modernizing IT systems in property and casualty insurance is not a temporary shift, it’s a fundamental market priority with ongoing investment. Together, we are uniquely positioned to lead this change, combining our vision, complementary strengths, and aligned values to deliver scalable, intelligent solutions for insurers globally.”
John Harkin, Founder and CEO of Alchemy, described the acquisition as a proud milestone for his team, clients, and the local community. “Joining NTT DATA unlocks remarkable potential not only for international expansion but also for amplifying the impact of our work. As someone deeply invested in the north-west of Ireland, I am especially pleased that this partnership reinforces our long-term commitment to the region,” he said.
Will McAllister, Senior Vice President and Managing Director for EMEA at Guidewire Software, also welcomed the announcement. “We are thrilled about Alchemy’s acquisition by NTT DATA. This exciting development promises to create even more opportunities to innovate and transform the global insurance industry. As a longstanding partner, we look forward to continuing our collaboration to deliver cutting-edge solutions and enhanced value for our mutual clients,” he stated.
(Source: ITWire Australia)
