ING Partners with genesis to Streamline Credit and Political Risk Insurance in expanding global market

ING Partners with genesis to Streamline Credit and Political Risk Insurance in expanding global market
27.07.2020 10:25 am

ING Partners with genesis to Streamline Credit and Political Risk Insurance in expanding global market

Insurance , Infrastructure

ING is pleased to announce its partnership 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 will improve efficiency and promote digitisation across the $300bn global CPRI market1.  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 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 Labs 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.”

ING CPRI has grown rapidly surpassing $10bn 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 sales2. 

Stephen Murphy, CEO, at genesis added: “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. ING is pleased to announce its partnership 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 will improve efficiency and promote digitisation across the $300bn global CPRI market1.  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 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 Labs 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.”

ING CPRI has grown rapidly surpassing $10bn 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 sales2. 

Stephen Murphy, CEO, at genesis added: “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.

Related News

The Future of Insurance USA 2020: Discover the CEO and C-level Speakers Confirmed for Reuters Events Flagship Insurance Conference

Reuters Events have today launched their flagship insurance event, The Future of Insurance USA (November 16-18th 2020). The Future of Insurance USA is the... Read more »

CPP extends cyber offering in Turkey with major insurance deal

CPP Group Plc, the global product and services company specialising in the financial services and insurance market, has further developed its cybersecurity... Read more »

Ziglu Launches Insurance Programme

Ziglu, the new cryptocurrency challenger, has launched an insurance programme for customers holding cryptocurrencies, providing greater security and peace of mind.

Each... Read more »

Lemonade Raises $319 Million In U.S. IPO

Lemonade, which is backed by SoftBank Group Corp, is set to raise $319 million in its U.S. initial public offering and Lemonade, Inc. (“Lemonade”) today announced the pricing... Read more »

INSTANDA bolsters international expansion with first European partnership

INSTANDA, the leading customer and policy management platform for the insurance industry, has today announced a new European partnership with ... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel