ALCHEMY Technology Services has announced it is setting up a European Centre of Excellence in Derry creating 250 jobs.
It will provide software implementation and technology consultancy to the UK and European insurance sector.
The company will provide certified staff to System Integrators, Software Providers and insurance companies for the mplementation of digital solutions across the insurance industry.
To meet this demand the company aims to recruit 256 staff.
Announcing the significant investment, Alastair Hamilton, CEO, Invest Northern Ireland said: “The Alchemy management team has extensive knowledge of the insurance sector and in delivering transformation projects.
“They have identified a gap in the market to provide a service to the insurance industry and believe Londonderry is the right place to find the talent to meet this need.
“Alchemy is planning to create the new roles in software implementation and technology consultancy over the next three years. The majority of the roles will be customer facing with the opportunity to work on projects right across Europe.
“With average salaries in the mid-£20k range, and good opportunities for progression, these are roles that will suit college and university students, as well as graduates.
“Once the project is fully implemented it will generate over £6.5 million in annual salaries, a real economic boost for Northern Ireland, and the North West specifically.’
Government has offered nearly £2.3m of funding to support the creation of the new roles and secure the project for Northern Ireland.
John Harkin, Director and Founder, Alchemy said: “Insurance companies in the UK, and across Europe, are making an unprecedented investment in the digital transformation of their core systems and processes to respond to the changing demands within their marketplace.
“There is a real shortage of specialist skills to respond to this upsurge in digital transformation projects across the insurance industry. We plan to help meet that demand by bringing new talent into the industry.
“We look forward to working with the Department for the Economy’s Assured Skills Training programme to recruit business and technology oriented graduates and college students with good communication and interpersonal skills to fill these customer facing roles.
“I am originally from Derry, and have made frequent visits here in recent months as we assessed different locations for this investment.
“I have met with the colleges and university, and numerous students and have been impressed. I am confident that this is the right place to set up our business and find the talent we need.’
Alchemy will be based at City Factory in Derry.