ING announced partnership with genesis, the Low Code Application Platform for financial markets, to launch the Credit Insurance Application (CIA), a deal-flow and portfolio application with the aim of transforming the management of credit and political risk insurance (CPRI) globally.
ING’s London Innovation Lab has spearheaded CIA which will improve efficiency and promote digitization across the $300 billion 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, is expected to provide faster deployment, increased functionality and control, and a material reduction in data processing errors. Its flexibility means it can be easily customized, can connect to external market platforms and sit between or alongside existing internal systems, according to a company statement.
Jean-Maurice Elkouby, head of CPRI, at ING, said in a statement: “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.”
ING CPRI has grown rapidly surpassing $10 billion 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 sales. genesis’ Low Code Application Platform will be rolled out from July 2020 across all main bank users.