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InsurTech Firm Cover Genius Taps Adyen for Payments Processing

Adyen

InsurTech firm Cover Genius has formed a new partnership with Adyen, tapping the FinTech as its latest payment processing partner.

Through the collaboration, Adyen aims to increase the Cover Genius’s authorization rates of online payments by offering local payment methods in the Americas, Europe and the Asia-Pacific region, the companies said in a Thursday (May 9) news release. The partnership enables stronger security and a smoother customer experience, the release added.

Adyen’s 3 Domain (3D) Secure, which the company said balances security and convenience, is helping to drive the payment processing. The technology uses machine learning to make authentication decisions and determine if a transaction should be authenticated through a streamlined process or a more thorough one, 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.

As PYMNTS reported, the partnership will allow merchants using Adobe Commerce to simplify and scale their customer payment experiences online, offline and across international audiences, the companies said in a news release at the time.

Adyen saw its digital processed volume leap 51% year over year during the first three months of 2024.

The increase came during a quarter in which the company’s total processed volume rose 46% year over year, Adyen noted in a business update released late last month.

The Dutch FinTech credited the increase in digital processed volume to the expansion of a digital customer, which was unnamed, as well as a higher volume from other large enterprise merchants.

“We think that we offer a premium proposition, and we price for that,” Ethan Tandowsky, Adyen CFO, said during the company’s quarterly earnings call. “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.”