Capgemini, a leading provider of consulting, technology and outsourcing services, has announced an asset purchase agreement with Advantage Consulting Group, a specialist in data conversion for the insurance industry. Capgemini will now be able to offer financial services clients an entire suite of flexible, low-risk and cost-effective conversion solutions for consolidating and implementing new information technology (IT) systems.

"The deal with Advantage demonstrates Capgemini's continued commitment to its financial services business", says Raymond Spencer, CEO of Capgemini's Financial Services Strategic Business Unit. "The addition of Advantage’s tools, senior staff and depth of experience will give us a clear differentiator in the sector that not only enhances our ability to service existing insurance clients, but also enables us to expand into other industries, including banking, capital markets and cards."

"With a toolset specifically designed for insurance data conversion, Advantage always enjoyed an edge in consolidating and migrating insurance policy data from legacy to new systems," says John Barr, vice president and leader of the Life, Health, and Annuity Portfolio at Capgemini. "This niche service will be delivered by our 25 person team through Capgemini’s Rightshore capabilities—a global network of onsite, onshore, nearshore and offshore resources— giving our clients the tools and services needed to effectively convert data."

"Consolidating and implementing new IT systems can be one of the most expensive and risky projects for any type of business," says Richard Knutson of Advantage Consulting Group. "Our conversion method, customised for each project, verifies that the correct data is properly loaded into new systems, enabling our clients to focus on their core business, without worrying about data loss."

Since it was founded in 1995, Advantage Consulting Group has been providing professional consulting services primarily to life and health insurance companies dealing with software data conversions, software installations, and enhancements.