Adyen, the global financial technology platform, has recently cemented a partnership with Cover Genius, a leading global insurtech company specialising in embedded protection. This alliance marks Adyen as one of the chosen payment processing partners for Cover Genius, enhancing their ability to offer local payment methods across the Americas, Europe, and Asia-Pacific. This collaboration aims to boost authorisation rates for online payments, indicating a significant stride in financial tech and insurance services.
A significant feature of this partnership is the implementation of Adyen’s fraud and security solutions, notably the 3 Domain (3D) Secure technology. This sophisticated technology employs an authentication engine powered by machine learning. It is designed to strike an optimal balance between convenience and security for users, making intelligent authentication decisions. The technology determines the necessity of a streamlined or more rigorous authentication process for each transaction, thereby enhancing conversion rates.
Ehsan Azizi, Vice President, Product at Cover Genius, expressed his satisfaction with this partnership, stating, “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.” He further added, “Working with Adyen has also allowed our team to increase authorisation rates and decrease chargebacks.” This statement underscores the operational benefits that Cover Genius anticipates from this collaboration, enhancing both efficiency and customer satisfaction.
On the other side, Hayley Fisher, Adyen's Country Manager for Australia and New Zealand, commented on the broader implications of this partnership in the current economic scenario. “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,” said Fisher. She highlighted the necessity for insurtechs to invest in digital transformations to remain relevant and offer valuable choices to customers. Fisher concluded, “We’re thrilled to work with Cover Genius in providing the best-in-class customer experience and improving business operations.”
This partnership not only exemplifies the growing trend of digital transformation in the insurance sector but also reflects a mutual commitment to improving the security and efficiency of financial transactions globally. By leveraging Adyen’s advanced security solutions and extensive global reach, Cover Genius is set to enhance its service offerings, providing a seamless and secure transaction experience to customers across the globe. This collaboration is poised to set new standards in the integration of financial technology and insurance services, aiming for higher customer satisfaction and operational excellence.