Solving workflow management and risk monitoring

Client Challenge

Our client is a leading corporate and investment bank in South Africa. Its insurance team managed all of its insurance operations using spreadsheets. Manual processes also made it challenging to manage the portfolio efficiently.

Genesis delivered its Credit Insurance Application (CIA) product with a four-month deadline, for enhanced portfolio management, improved efficiency, and reduced operational risk.

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The Solution

Genesis delivered CIA with a set of enhancements to meet the bank’s specific needs. The out-of-the box product provided them with a workflow management and risk monitoring solution to improve team efficiency.

Enhancements such as supporting a wide array of insured product types, real-time exposure tracking, premium payment schedule and policy event management ensured that the solution met their requirements, thus further reducing operational risk within their business.

Project Highlights

Our client was able to leverage Genesis’ industry expertise, detailed planning, and seamless execution throughout.

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Fast end-to-end delivery

Genesis completed requirements gathering, development, testing, user training and go-live within a tight four-month timeline by keeping our scope tight. Our platform facilitates the addition of features, saving time and energy.

Easily adaptable

Building on the CIA application we built for global bank ING, Genesis designed an enhanced product for the team that could run for multiple clients on one codebase, testament to the platform’s versatility and applicability to other banks.

OpenAPI conformity

During phase two, OpenAPI will help us integrate the bank’s internal systems with CIA. Our conformity to this standard will dramatically reduce the effort required from our and their team, aiding fast and effective delivery of integrations.

The Benefits

The global asset manager achieves a holistic view of the market to make faster investment decisions:

Enhanced operational efficiency

CIA reduces the need for data re-keying and maximizes output, optimizing the team’s productivity. The bank is less reliant on complex Excel spreadsheets.

Improved risk management

CIA’s consolidated view of the insurance portfolio allows the bank’s team to perform real-time monitoring and manage associated risks more effectively.

Reduced operational risk

CIA minimized operational risk by enhancing data accuracy through validations and workflow controls, which also mitigated the likelihood of regulatory investigations.