Credit Insurance Application is a portfolio application aimed at transforming the management of credit and political risk insurance (CPRI) industry
An ING Bank in Nieuw-Vennep, the Netherlands. (Credit: Amin/Wikipedia.)
Dutch banking and financial institution ING has joined forces with genesis, a low code application platform for financial markets, to launch the Credit Insurance Application (CIA).
CIA is a deal-flow and portfolio application, aimed at transforming the management of credit and political risk insurance (CPRI) around the world.
ING CPRI head Jean-Maurice Elkouby 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’m delighted that our London Innovation Labs has driven this to transform market practice in the 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.”
CIA combines cloud hosting and genesis’ Low Code Application Platform
ING said that its London Innovation Lab has started developing CIA with an aim to promote digitisation across CPRI market, transform existing process with a customised approach, to advance data and reporting tools, and enhance connectivity during the end to end credit insurance process.
The company intends to build CIA by combining cloud hosting and Low Code Application Platform offered by genesis, facilitating faster deployment, increased functionality and control, and a material reduction in data processing errors.
CPRI is an active market, witnessing transactions between approximately 50 insurers and 50 banks and CIA is said to become the second important portfolio management tool for banks after secondary sales, said the company.
ING is planning to roll out its CIA platform from July 2020 across all main bank users.
Genesis CEO Stephen Murphy said: “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.”