This collaboration aims to enhance Cover Genius’s online payment authorization rates by providing access to local payment methods across the Americas, Europe, and the Asia-Pacific region, the companies stated in a news release on Thursday (May 9). The partnership also enhances security and customer experience.
Adyen’s 3 Domain (3D) Secure technology, which balances security and convenience, plays a key role in driving payment processing for Cover Genius. The technology employs machine learning to make authentication decisions, helping determine whether a transaction should be authenticated through a streamlined or more thorough process, ultimately boosting conversion rates.
“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, in a statement. “Working with Adyen has also allowed our team to increase authorisation rates and decrease 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, in a statement. “We’re thrilled to work with Cover Genius in providing the best-in-class customer experience and improving business operations.”
In another recent partnership, Adyen and Adobe announced in March a collaboration to enable online and in-store payments for global enterprise merchants that use Adobe Commerce.
The partnership, according to a news release issued at the time, will enable merchants using Adobe Commerce to expand their customer payment experiences online, in-store, and across international markets.
Adyen experienced a 51% year-over-year increase in digital processed volume during the first three months of 2024. This rise occurred amid a quarter in which the company’s total processed volume increased by 46% year over year, as noted in a business update released late last month.
The Dutch FinTech attributed the surge in digital processed volume to the expansion of an unnamed digital customer and increased volume from other major enterprise merchants.“We think that we offer a premium proposition, and we price for that,” Ethan Tandowsky, Adyen CFO, said. He added: “I think it is really a strong proof point that these customers are willing to expand wallet share with us and bring more of their business onto the Adyen platform.”
