Once defined by its tumultuous past, Derry~Londonderry has dramatically transformed, prevailing as a peaceful and vibrant, economic and cultural hub. The city’s historic center, including its famous 17th-century walls, remains well-preserved, while new projects like Ebrington Square have turned former military sites into thriving business and entertainment spaces. Recent road upgrades enhance connectivity, while Ulster University’s Derry~Londonderry campus provides higher education and research opportunities. As Northern Ireland’s second-largest city, it is capitalizing on its cross-border position to nurture digital transformation, making notable strides in the fintech, regtech, and insurtech arenas.
The insurtech sector leverages cutting-edge technologies, including telematics, advanced data analytics, cognitive computing, and predictive modeling to enhance fraud detection and improve insurance customer retention. The local insurtech sector is flourishing, with major American insurance providers establishing large-scale delivery centers in the region. Notably, Allstate Northern Ireland’s Derry~Londonderry office serves as a key Digital Center of Excellence. At the same time, local firms are developing deep expertise in insurtech, further solidifying the region’s reputation as a hub for insurance innovation.
A Personal Mission
One of the companies leading Derry~Londonderry’s revival is Alchemy Technology Services, a firm founded by a returning member of the Northern Irish diaspora. Headquartered in Derry~Londonderry, Alchemy reshapes digital infrastructure for major insurers while generating high-value jobs and contributing to the city’s renewal. Alchemy’s software implementation and consultancy services provide core system support directly to leading insurance companies.
Founder and CEO John Harkin, a Derry~Londonderry native, left Northern Ireland in 1981, never expecting to move back. “After witnessing the city’s revitalization, I saw an opportunity to bring my expertise back home. I wanted to build a company with the potential to export insurance services globally, creating well-paid, meaningful jobs in Derry~Londonderry while supporting the local economy.”
Harkin continued, “I was confident that, with the right training and opportunities, Northern Ireland’s talented, English-speaking professionals could outperform traditional offshore teams doing similar work for American companies. As a smaller, highly skilled workforce based in Northern Ireland, operating in a time zone closer to the US, we are positioned to offer superior efficiency and exceptional quality.
“For example at Alchemy, we supported one of the largest insurance companies in the world with a dedicated team of 30 Alchemy specialists. With other firms, similar projects would involve 120–130 people, with a large offshore component. Our clients see first hand how smaller, agile teams in Derry~Londonderry deliver better results more cost-effectively than larger offshore operations in other jurisdictions.
“We have already secured several clients in North America and can diligently service the region. We view it as a tremendous growth opportunity.
“Alchemy specializes in implementing market-leading software, primarily Guidewire, to help insurance companies modernize their operations. Our team, largely dual nationals with UK and Irish passports, can seamlessly work across Europe and the UK, making us an ideal partner for Guidewire’s European expansion.”
Part of Alchemy’s secret sauce is its collaboration with universities. The company works closely with Ulster University, Queen’s University Belfast, and Atlantic Technological University in Donegal to help academic programs better align with their industry’s needs. Harkin mentioned, “We invest heavily in training for our employees, including six months of intensive learning in insurance and technology. This guarantees they are competent and committed. Unlike offshore competitors, our employee turnover is exceptionally low, making the investment worthwhile.”
By prioritizing training and workforce development, Alchemy is not only securing its own success but also strengthening Derry~Londonderry’s economy and position as an emerging global insurtech center.
Harkin elaborated, “North American companies can turn to Alchemy as an alternative to lead their core technology transformations. In the last six years, we’ve made a significant shift, collaborating with multiple American clients as their primary partner for full-service implementation and digital transformation. We’re driving technological change in their businesses, solidifying our role as a strategic ally.”
Harkin concluded, “Our young professionals in Derry~Londonderry consider working at Alchemy as an incredible opportunity to build global careers while staying in their home country. There’s a mix of humility and confidence that defines Derry~Londonderry’s workforce, and this mindset is fundamental to our success.”
