Wrapping Up 2024: A Year of Transformation and Innovation at Alchemy London Market
Opening our Doors at Lloyd’s of London
In line with our growth and commitment to being at the heart of the insurance industry, we opened our new office in the iconic Lloyd’s of London building.
This move brings us closer to our clients and partners, enhancing collaboration and delivering tailored solutions that meet the market’s evolving needs. Our presence at Lloyd’s enables us to directly contribute to and shape the industry’s future while reinforcing our dedication to fostering collaboration and innovation.
Honoured with the King’s Award for Enterprise: International Trade 2024
A standout achievement this year was being honoured with the prestigious King’s Award for Enterprise in the category of International Trade 2024. This award recognises our continuous commitment to excellence.
John Harkin, CEO of Alchemy Technology Services, shared his enthusiasm:
“We are delighted and honoured to receive the King’s Award for Enterprise. This accolade is a testament to our team’s hard work and dedication, consistently pushing the boundaries of excellence. It reaffirms our commitment to advancing our industry and contributing positively to the communities where we operate.”
Fostering Collaboration Between London and Derry/Londonderry Teams
This year marked the first anniversary of Alchemy London Market integrating with Alchemy Technology Services. The integration has reinforced ties between our teams in London and Derry/Londonderry, reaffirming our commitment to bridging these two regions and facilitating further socio-economic growth. This regional collaboration enhances productivity, fosters innovation, and strengthens relationships.
Together with Alchemy Technology Services, we have strengthened our ability to offer end-to-end project delivery services, connecting strategy and technology implementation. This synergy empowers us to offer enhanced capabilities, combining technical expertise with deep industry knowledge. By integrating our people and resources, we can deliver innovative solutions and drive value for our clients.
Thought Leadership in Digital Transformation
Throughout 2024, we have been at the forefront of digital transformation in the insurance industry, providing insights and solutions to address evolving challenges.
Embracing AI in the London Market
In our blog, “How is the London Market Adapting to and Using AI to Support the Claims Function?”, we explored how AI revolutionises claims handling. From streamlining processes and enhancing decision-making to improving accuracy and providing valuable insights. We emphasised balancing innovation with ethical considerations to ensure transparency and fairness.
The Critical Role of Middle- and Back-Office Functions
In “The Missing Powerhouse of Digital Transformation: Middle- and Back-Office”, we highlighted these teams’ pivotal role in successful digital initiatives. Empowering middle- and back-office functions leads to greater efficiencies, optimises processes, and ensures a smoother transition to a data-led approach.
Expert Insights Driving Innovation
Our team’s expertise has been central to understanding client needs and delivering innovative solutions. This year, we spotlighted several team members who shared valuable insights.
Anthony Bevington, Scrum Master, enhanced collaboration between technical and business teams, enabling seamless delivery of client solutions. Liam Bradley, Lead Developer, drove efficiency by configuring software solutions and mentoring junior developers. With over three decades of experience, Ed Charlton provided valuable perspectives on strategic technology implementation, ensuring alignment with our clients’ evolving demands. Nathan Bolton, Programme Delivery Lead, has been key in overseeing complex programmes, focusing on strategic planning, risk management, and stakeholder engagement to ensure successful project outcomes. Georgina Weekes, Senior Business Analyst, ensured timely delivery of complex projects, addressing unique client challenges precisely.
Navigating Talent Challenges and Workforce Evolution
Through our blogs “Insurance Talent Trends of 2024” and “Navigating Talent Challenges & Workforce Evolution in the London Insurance Market,” we offered in-depth insights into the evolving talent landscape. Addressing issues such as talent shortages, industry perception, expanding the talent pool, and the importance of flexibility and skills transfer, we provided strategies for building a future-ready workforce.
This topic was further explored in Episode 16 of The Alchemy London Market Podcast, where our Head of Talent Operations, Lauren O’Donoghue, spoke with Rachel Wilson, Assistant People Director at QBE. They discussed talent observations, challenges, and strategies for shaping the future workforce.
Engaging with Industry Leaders
As a Silver Sponsor at the DXC Connect Insurance Executive Forum in London, it was a privilege to connect with industry leaders, share ideas, and engage in meaningful discussions shaping the future of insurance.
Client Success Stories: Delivering Results and Transformative Solutions
Our commitment to delivering tailored solutions and expertise has been shown through several key projects.
Supporting an Insurance Technology Provider with Change Management
We assisted an insurance technology provider refine their future state using change management techniques. We helped them create standardised templates and prepare for future challenges by mapping their future processes and understanding their products in-depth.
Sourcing a Business Change Team for an Insurer
We enhanced a leading insurer’s capabilities by sourcing a high-calibre team of Subject Matter Experts (SMEs) to support a critical testing project. Leveraging our talent pool, we assembled a team skilled in User Acceptance Testing (UAT) and Defect Management, enabling the client to stay flexible with their resources and capabilities.
Selecting an Exposure Management Solution for a US-based Reinsurer
We conducted a comprehensive review of exposure management software for a US-based reinsurer and presented a shortlist of vendor solutions. Our efforts helped the client choose a solution that enables efficient, centralised reporting, identification of geographical risk exposure, and the ability to run loss scenarios.
Delivering a Market Analysis on General Ledger Solutions
An insurer commissioned us to conduct a market analysis of General Ledger solutions, as they needed to replace their existing system to support their evolving business needs better. By gathering requirements, conducting market research, arranging demos, and evaluating vendors, we provided a shortlist of preferred solutions. This enabled the client to make an informed decision without requiring extensive internal research.
Supporting a Lloyd’s Syndicate in their Discovery Phase and Implementation for a Replacement Outwards Reinsurance Software Solution
After successfully assisting our client in selecting an Outwards Reinsurance system, we were re-engaged to support the discovery phase ahead of the system replacement. We conducted workshops to understand current processes, systems, and dependencies. By documenting the current state and creating a future Target Operating Model, we identified process improvements and recommended leveraging the new system to achieve operational efficiencies. The client has now chosen us to implement the selected system, with the project kicking off in 2025.
Implementing a Data Connectivity Solution for Delegated Underwriting Authority
We collaborated with Amarillo Technologies to implement their data connectivity tool, Fusion, for a leading insurance provider. By integrating Fusion alongside a Policy Administration system, we created a cohesive environment for modernisation, enabling our client to embrace a data-driven future.
Strengthening Partnerships to Drive Digital Transformation
Our partnerships have driven digital transformation and delivered innovative solutions to our clients.
Expanding Our Partner Network
We revisited and enhanced our Partner Network, adopting a flexible, component-based approach to digital transformation. By combining our insurance industry knowledge and implementation expertise with our partners’ leading technology solutions and services, we can deliver more together across the entire insurance value chain.
Preferred Implementation Partners for Insureflow and Amarillo Technologies
We are proud to be the preferred implementation partner for both Insureflow and Amarillo.
Insureflow, a leading provider of insurance software solutions, offers a distribution, underwriting, and policy administration system that Alchemy’s technical team can now configure. This allows us to offer comprehensive solutions to our clients, enhancing their digital transformation journey.
Our partnership with Amarillo Technologies has been instrumental in driving digital transformation. Amarillo’s data connectivity tool, Fusion, is designed for the Delegated Underwriting Authority (DUA), helping businesses modernise operations and embrace a data-driven future.
A New Identity: From r10 Part of Alchemy to Alchemy London Market
One defining moment of 2024 was launching our new name. Starting the year as r10 Part of Alchemy, we embraced our new identity as Alchemy London Market. This evolution symbolises our integration with Alchemy Technology Services and our commitment to providing comprehensive solutions in the insurance sector.
Our rebranding represents the blend of capabilities and talented teams from the regions in which we operate while highlighting the expertise and knowledge we serve in the London market.
Championing Diversity, Inclusion, and Corporate Responsibility
Fostering a diverse and inclusive culture is central to our values at Alchemy London Market. This year, we were proud to achieve the Silver Diversity Mark accreditation, reflecting our commitment to workplace diversity and inclusion and our success in meeting our targets.
By embracing the ‘Inclusion at Alchemy’ strategy, we align our efforts with Alchemy Technology Services, reinforcing that we are one company sharing the same commitments. Together, we challenge biases, promote accessibility, and strive to attract and retain a wide range of talent, enriching both our organisation and the wider community.
In line with our commitment to corporate responsibility, we selected the Campaign Against Living Miserably (CALM) as our London Charity Partner of the Year, extending our support for mental health awareness to the broader community. To support CALM, we hosted a Quiz and Fundraiser event that brought together clients, partners, and team members for an evening of engagement and fundraising. The event was a success, helping CALM continue their vital work in suicide prevention and mental health support.
Looking Forward to 2025
As we look ahead to 2025, we anticipate a year of continued growth, particularly within the London Market.
The industry is set to embrace further technological advancements to transform operations and enhance client value delivery. Initiatives like Blueprint Two will intensify the focus on modernising processes and increasing efficiency across the London Market.
We foresee heightened adoption of cutting-edge technologies to improve transparency, streamline operations, and create more personalised client experiences. Data-driven decision-making will become increasingly central, enabling more accurate risk assessments and tailored solutions. Talent acquisition and retention will remain a priority as the industry adapts to a changing workforce landscape.
Alchemy London Market remains dedicated to embracing innovation, strengthening partnerships, and focusing on our clients’ needs; we aim to drive progress and deliver exceptional value in 2025 and beyond.
A Heartfelt Thank You
We sincerely thank our clients, partners, and team members for their support throughout this transformative year. Your trust and collaboration have been instrumental in our success. Together, we have navigated challenges, celebrated achievements, and set the foundation for continued growth and innovation.
