Adyen & Cover Genius to enhance payment experiences for end-customers

By Gloria Mathias

Adyen, the global financial technology platform, has announced its partnership with Cover Genius, the global InsurTech for embedded protection.

Adyen has partnered with InsurTech to boost online payment authorisation rates across the Americas, Europe, and Asia-Pacific. Adyen is one of their payment processing partners, providing a range of local payment methods to simplify transactions.

Cover Genius was looking for a FinTech partner who could help the company with its various payment methods for customers worldwide. With Adyen, Cover Genius extends its localized payment methods across regions with added security, leading to increased authorization rates and smoother end-customer experiences.

Adyen was selected to implement its fraud and security solution, 3 Domain (3D) Secure. Adyen’s 3D Secure technology uses an authentication engine that creates the right balance between convenience and security. It uses machine learning to make smart authentication decisions and assess whether a transaction should be authenticated through a streamlined process or a more rigorous one, which in turn boosts conversion.

“We are happy to partner with Adyen as its global reach supports ours as we manage the claim process for our partners and provide instant payments for approved claims in any currency and language,” said Ehsan Azizi, Vice President, Product at Cover Genius. “Working with Adyen has also allowed our team to increase authorisation rates and decrease chargebacks.”

“As Australians look to make savings wherever possible in an increasingly challenging economic climate, insurers need to portray value through digital experiences and leverage insights, if they’re to remain top of mind as a non-discretionary cost. At Adyen, we are seeing increased investment from insurtechs in digital transformation to offer more relevant choices to their customers,” said Hayley Fisher, Adyen Country Manager, Australia and New Zealand. “We’re thrilled to work with Cover Genius to provide the best-in-class customer experience and improve business operations.”