Cover Genius, a global insurtech specialising in embedded protection, has partnered with Adyen, a financial technology platform, to enhance its payment processing capabilities.
With Adyen as a payment partner, Cover Genius gains access to localised payment methods across the Americas, Europe, and Asia-Pacific, aiming to increase online transaction authorisation rates and streamline customer experiences.
Cover Genius, one of the top 10 insurtech companies in Australia last year, sought a financial technology partner to help offer regional payment methods across markets.
With Adyen’s support, Cover Genius is expected to deliver more secure and efficient payment options, leading to improved authorisation rates and smoother customer transactions.
As part of the deal, Adyen will implement its 3 Domain (3D) Secure technology to bolster security and prevent fraud. The system uses machine learning to assess transactions, ensuring the right balance between security and convenience. This allows for smarter authentication decisions and streamlined processing.
“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.”
Hayley Fisher, Adyen’s country manager for Australia and New Zealand, highlighted the necessity for digital value amid economic challenges.
“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,” she said. “We’re thrilled to work with Cover Genius in providing the best-in-class customer experience and improving business operations.”
