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NTT DATA, a global technology leader, has announced its acquisition of Alchemy Technology Services, a consultancy specialising in insurance technology. This strategic move underscores NTT DATA's dedication to transforming the insurance industry by addressing challenges related to agility, modernisation, and scalability.
Along with its renowned consultancy and Guidewire prowess, Alchemy brings substantial expertise in the specialty insurance arena, particularly relevant to the London Market, the world's largest reinsurance subscription market. This bolsters NTT DATA’s capability to cater to sophisticated insurance segments globally.
Marking a significant milestone, this acquisition aligns with NTT DATA’s drive to digitally revolutionise the insurance landscape, anticipated to incur IT expenditure rising to $230.7 billion this year. With a solid base in the industry, NTT DATA’s extensive insurance services are powered by over 15,000 experts in 26 countries, catering to more than 300 clients, including 6 of the top 10 insurers by revenue.
By leveraging its global expertise alongside Alchemy's local strengths, NTT DATA is set to meet the evolving requirements of insurers worldwide. The integration will catalyse core modernisation efforts, supporting the digital transformation of key markets and encouraging a more cohesive and data-centric insurance approach.
The acquisition delivers enhanced value through amplified expertise in core system implementation, digital transformation, testing, and application management. Moreover, it fortifies NTT DATA's regional footing in the UK and Ireland, providing specialised knowledge across the full insurance lifecycle.
The Alchemy team is poised to become a Global Centre of Excellence, guiding and executing intricate transformation programmes for insurers worldwide. Their pioneering training model, which has developed over 200 professionals since 2018, will be expanded internationally.
NTT DATA and Alchemy are on a shared journey towards transparent and innovative integration, built on shared values of teamwork and development, prioritising positive impacts for clients and employees alike.
The enthusiastic endorsements from industry leaders confirm the potential of this collaboration to bring about significant advancements in the insurance sector.
