Logo Header Menu

ING partners with genesis to streamline Credit and Political Risk Insurance

ING has partnered with low code application platform genesis to transform Credit and Political Risk Insurance (CPRI) globally ING partners with genesis to streamline Credit and Political Risk Insurance image

ING, alongside genesis, has launched its Credit Insurance Application (CIA), a deal-flow and portfolio application that aims to streamline 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.”

London now global fintech hub as UK investment soars — Robert Walters

UK fintech investment has grown by 500% since 2017, compared to 170% in the US and 133% in Europe, but firms outside London have missed out. Read here

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.

This article is tagged with: Digital Banking, Low-Code, risk management

Sign up for Information Age Newsletters

Latest news

divider
Digital Transformation
The future of the workplace, in the eyes of Capita’s chief growth officer

The future of the workplace, in the eyes of Capita’s chief growth officer

12 August 2020 / Hosting a virtual Digital Transformation Expo (DTX) talk, Capita chief growth officer Ismail Amla spoke [...]

divider
Research
UK business leaders say success and technology background linked

UK business leaders say success and technology background linked

12 August 2020 / The majority of business leaders in the UK, according to the VMware study, say that [...]

divider
Telecoms
Four business telecoms trends set to revolutionise the mobile workforce

Four business telecoms trends set to revolutionise the mobile workforce

12 August 2020 / Technology has come a long way in the past decade, and the telecoms industry is [...]

divider
Research
Worldwide banking and securities IT spending to decline 4.7% — Gartner

Worldwide banking and securities IT spending to decline 4.7% — Gartner

12 August 2020 / According to Gartner, spending on devices within banking and securities, such as PCs and mobile [...]

divider
CIO and CTO
Q&A: Iron Mountain CTO discusses transformation during Covid-19

Q&A: Iron Mountain CTO discusses transformation during Covid-19

11 August 2020 / Following a tenure as global CTO at Nielsen, Kimberly Anstett joined Iron Mountain in May [...]

divider
Research
Technology investment top priority for SMEs in next five years — HSBC UK

Technology investment top priority for SMEs in next five years — HSBC UK

11 August 2020 / The study from HSBC UK found that 67% of UK SMEs expect technology to increase [...]

divider
IoT and M2M
The IoT domino effect: five steps to manage IoT risk

The IoT domino effect: five steps to manage IoT risk

11 August 2020 / There are now billions of physical devices around the world that are connected to the [...]

divider
Cloud & Edge Computing
How to demonstrate cloud security leadership

How to demonstrate cloud security leadership

11 August 2020 / Security across all areas of an organisation must be a high priority among decision makers, [...]

divider
Research
CIOs must tackle next Covid-19 challenges, says Gartner

CIOs must tackle next Covid-19 challenges, says Gartner

11 August 2020 / According to Gartner research, 43% of CIOs said that planning for their company’s post-Covid-19 strategy [...]

Do NOT follow this link or you will be banned from the site!

Pin It on Pinterest