ING partners with genesis to streamline Credit and Political Risk InsuranceING has partnered with low code application platform genesis to transform Credit and Political Risk Insurance (CPRI) globally
With ING’s London Innovation Lab spearheading CIA in order to improve efficiency and promote digitisation, cloud hosting has been combined with genesis’s low code capabilities to speed up deployment and reduce data processing errors.
The new application seeks to offer a more tailored approach to advance data and reporting tools, as well as increasing credit insurance connectivity and efficiency. It can be customised, can connect to external market platforms, and can operate between or alongside existing internal systems.
Jean-Maurice Elkouby, head of CPRI at ING, said: “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 Lab has driven this to transform market practice in a 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.”
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Stephen Murphy, CEO at genesis, commented: “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.”
An active global market with around 50 insurers and 50 banks transacting, CPRI has become the second most vital portfolio management tool for banks, behind secondary sales, and is estimated to be worth $300 billion.
The CIA platform from ING and genesis is expected to be rolled out to all main bank users from July 2020.