27 July 2020Insurance

ING unveils new solution to overhaul $300bn credit, political risk market

ING, the Dutch financial services group, is launching a new Credit Insurance Application (CIA) to improve efficiency and promote digitisation across the $300 billion global credit and political risk insurance (CPRI) market.

ING has partnered with genesis, a low code application platform for financial markets, to launch a deal-flow and portfolio application, CIA, aimed at transforming the management of credit and political risk insurance globally.

ING’s London Innovation Lab has spearheaded CIA, which 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.

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.

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.”

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.”

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