Insurtech Cover Genius has announced a new partnership with Adyen, selecting the FinTech startup as its latest payment processing partner.
The new collaboration seeks to improve Cover Genius’s online payment authorization rates by offering access to local payment methods across the Americas, Europe, and the Asia-Pacific region.
The partnership also aims to enhance security and customer experience.
Adyen’s 3D Secure technology, which optimizes both security and convenience, is crucial for Cover Genius’s payment processing. This technology uses machine learning to make authentication decisions, determining whether a transaction requires a streamlined or more detailed authentication process, thereby increasing conversion rates.
We are partnered with Adyen, whose global reach aligns with ours as we manage the claim process for our partners and provide instant payments for approved claims in any currency and language
Ehsan Azizi, Vice President of Product at Cover Genius
“Collaborating with Adyen has enabled our team to boost authorization rates and reduce chargebacks.”
“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.
Adyen reported a 51% year-over-year increase in digital processed volume for the first quarter of 2024. This growth occurred alongside a 46% overall increase in the company’s total processed volume, as detailed in a recent business update.
The Dutch FinTech attributed the rise in digital processed volume to the expansion of a key digital customer and increased transactions from other major enterprise clients.
Adyen CFO Ethan Tandowsky emphasized their premium service offering, noting, “It is a strong proof point that these customers are willing to expand their business with us and bring more transactions to the Adyen platform.”
by Peter Sonner
