Through the partnership, Adyen is now one of the insurtech’s payment processing partners, offering local payment methods in the Americas, Europe and Asia-Pacific, to help the insurtech increase its authorisation rates for online payments.

Cover Genius was looking for a financial technology partner that could help the company with its various local payment methods for customers worldwide. With Adyen, Cover Genius extends its localized payment methods across regions with added security, leading to increased authorisation rates and smoother end-customer experiences.

Adyen was selected to implement its fraud and security solution, namely 3 Domain (3D) Secure. Adyen’s 3D Secure technology uses an authentication engine that creates the right balance between convenience and security by using machine learning to make smart authentication decisions and assess whether a transaction should be authenticated through a streamlined process or a more rigorous one, which in turn boosts conversion.

“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.”

“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.