ING partners with genesis to streamline credit and political risk insurance
ING has partnered with genesis, the Low Code Application Platform for financial markets, to launch the Credit Insurance Application (CIA), a deal-flow and portfolio application which will transform the management of credit and political risk insurance (CPRI) globally.
ING’s London Innovation Lab has spearheaded CIA which is aiming to improve efficiency and promote digitalisation across the USD300 billion global CPRI market. CIA seeks to overhaul the existing process with a tailored approach to advance data and reporting tools, increase connectivity and efficiency during the end to end credit insurance process.
A combination of cloud hosting and genesis’ Low Code Application Platform on which CIA is built, allows for much faster deployment, increased functionality and control, and a material reduction in data processing errors. Its flexibility means it can be easily customised, can connect to external market platforms and sit between or alongside existing internal systems.
Jean-Maurice Elkouby, Head of CPRI, at ING, says: “The rapid expansion of CPRI both in volume and geographically has led to a large exposure which needs to be managed. Historically low-tech working practices with no specific system architecture create cost and efficiency challenges. By joining forces with genesis, we created a tailored solution that will drive efficiency. Innovation is in ING’s DNA and I am delighted that our London Innovation Labs has driven this to transform market practice in very traditional market. London’s fintech sector continues to be a centre for innovation and expertise, and we look forward to working with our partners to lead improvements in market practice across the board.”
ING CPRI has grown rapidly surpassing USD10 billionn lending insured in 2020 and is managed out of dedicated CPRI Syndicated Finance teams globally. This growth can increase complexity around deal flow and portfolio management, which CIA will address. CPRI is an active market with around 50 insurers and 50 banks transacting and has become the second most important portfolio management tool for banks after secondary sales.
Stephen Murphy, CEO, at genesis, adds: “The Credit Insurance Application is unique to the market and has allowed us to maximise the very latest technology to fully optimise efficiency through automated workflows. It will allow for consistency in data and reporting in a multi-billion-dollar industry. We are very much looking forward to continuing our collaboration with ING to bring new, innovative solutions to this market. Even more exciting is the connectivity with broker systems and insurers, which is the next stage of development towards a market platform that has the ability to rapidly and securely scale to deliver business growth.”
genesis’ Low Code Application Platform will be rolled out from July 2020 across all main bank users.