Adyen, a global financial technology platform, has unveiled its partnership with Cover Genius, an insurtech company specializing in embedded protection solutions. This collaboration aims to enhance the payment processing capabilities of Cover Genius across multiple continents, including the Americas, Europe, and the Asia-Pacific region.

Optimizing Online Transaction Authorization

As part of the partnership, Adyen will serve as one of Cover Genius's payment processing partners, facilitating the integration of local payment methods into the insurtech company's platform. By leveraging Adyen's expertise in payment processing, Cover Genius seeks to optimize its authorization rates for online transactions, thereby improving the overall customer experience.

Cover Genius identified the need for a financial technology partner capable of supporting its diverse range of local payment methods on a global scale. Through its collaboration with Adyen, Cover Genius aims to expand its reach and offer secure payment options to customers worldwide.

3D Secure Solution: Balancing Security and Convenience

One of the key features of the partnership is the implementation of Adyen's fraud and security solution, known as 3D Secure. This technology utilizes an authentication engine powered by machine learning to assess transaction risk levels and determine the appropriate level of authentication needed. By striking a balance between security and user convenience, Adyen's 3D Secure solution aims to boost transaction authorization rates while maintaining a seamless payment experience for customers.

“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 in providing the best-in-class customer experience and improving business operations.”