ING partners with genesis to streamline Credit and Political Risk Insurance in expanding global market
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’s 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 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.
Notes to editors
1 - ITFA Survey – May 2019
2 - IACPM survey Nov 2019
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Deepa Bose
+44 207 767 6346
Deepa.bose@ing.com
ING PROFILE
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 54,000 employees offer retail and wholesale banking services to customers in over 40 countries.
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About genesis
genesis is the only low code application platform built for financial markets offering a fresh approach to helping firms adapt and innovate their business and operating models in an ever challenging, and constantly changing environment.
Pioneering vision, coupled with our technical innovation, is at the heart of everything genesis does. We achieve agile and rapid application delivery through our state of the art microservices based framework and business component library. This is augmented with our “no-code”, “low-code” and “pro-code” development tools that empower users and democratizes product design.
We have made a multi-year investment in the framework that breaks down business problems into small functional components and has been built on the core principles that solutions must be highly performant, resilient, robust, secure & compliant for the capital markets industry.
Whether buy-side, sell-side, execution venue or clearing house, firms call on genesis to help redefine operating models and deliver outstanding value and services. Our strong product portfolio and investment roadmap allows us to collaborate with clients to offer a powerful combination of both off-the-shelf and client specific solutions.
The experienced leadership team has a unique perspective into the issues facing the industry, having worked at leading financial institutions and capital markets software vendors around the world.
For further information visit www.genesis.global