Creating a seamless operating experience from end to end
The Genesis Credit Insurance Application (CIA)
About ING
ING is a global bank with a strong European base. Their more than 57,000 employees serve around 38 million customers, corporate clients, and financial institutions in over 40 countries.
ING serves both retail and wholesale banking clients across the globe. Their products include savings, payments, investments, loans, and mortgages in most of their retail markets. For their Wholesale Banking clients, they provide specialized lending, tailored corporate finance, debt and equity market solutions, sustainable finance solutions, payments & cash management and trade and treasury services.
The Challenge
ING’s Credit & Political Risk Insurance (CPRI) team used several manual and Excel-based processes on a day-to-day basis. The technology used was outdated and had little to no integration with other systems. As a result, the management of their transactions and subsequent portfolios were manual and often time-consuming.
With ING’s input, Genesis developed a flexible, tailored CPRI application to lower the operational cost and risk. Effectively, CIA automates the workflow for managing credit insurance transactions. These are insurances on wholesale loans that ING provides to clients, usually a syndicated loan based on market terms.
The Solution
The first version of the Credit Insurance Application (CIA) was launched in July 2020 in the U.S., Hong Kong, and Singapore. Genesis’ CIA combines data and reporting tools for transaction and portfolio management, built on a highly customizable low-code platform. CIA leverages structured data captured from initial lending information, insurance RFQs, pricing, approvals, allocations, and final policies, as well as comprehensive limit management, to provide a seamless end-to-end operating environment. CIA augments standard internal processes with platform features such as connectivity to brokers and insurers. The application can connect to external market platforms as well as sit on top or alongside existing internal systems.
ING is now building a second application with the platform which will help the Fund Finance team manage their data on transactions globally. ING will reuse some of the components of the CIA which means that they will be able to build this application a lot quicker, and deliver it into the business within months rather than years. The composable nature of the Genesis low-code platform is what is delivering this agility in development.
The Benefits
The Genesis CIA has allowed ING to benefit in the following ways:
“Thanks to Genesis we have this new tool and we couldn’t imagine our lives without it.”
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