The speed, scale, and scope of digitalization-induced change has attracted interest in the phenomenon of digital transformation (DT). Understanding and managing DT is particularly relevant for incumbent companies, to enable them to deal with continuous change and disruption. Dynamic capabilities (DC) for DT can be an enabler of continuous adaptation through sensing changes, seizing opportunities, and transforming resources. At the heart of this continuous adaptation is the alignment of business and IT. We thus seek to analyse alignment practices with a DC lens to illuminate the enactment of DCs at a large European insurance company. We selected an insurer as case organization to observe how conservative and highly regulated industries can respond to DT. We present the transformation journey of our case organization and highlight discourses on alignment practices in the organization as preliminary findings before discussing expected contributions and outlook.