Cover Genius has recently launched a strategic partnership with Adyen, a global FinTech expert in payment processing. This collaboration is geared towards boosting Cover Genius’s payment authorization rates across various regions including the Americas, Europe, and Asia-Pacific. By implementing Adyen’s advanced payment technologies such as the 3 Domain (3D) Secure, which employs machine learning to enhance security and user experience, this partnership aims to streamline the payment process, improve conversion rates, minimize chargebacks, and facilitate instant payments for approved claims in multiple currencies and languages.
Company Overview
Cover Genius, founded in 2014, is a tech-driven global insurance distributor, aiming to protect the customers of the world’s largest digital companies. It leverages data and technology to embed insurance within digital transactions. Adyen, established in 2006, specializes in payment processing for online, mobile, and in-store transactions, offering a modern end-to-end infrastructure connecting directly to Visa, Mastercard, and other preferred payment methods globally.
Partnership Background and Comparison
Cover Genius has been actively enhancing its payment processing systems through various partnerships, reflecting a broader trend within the InsurTech industry towards digital transformation and improved customer experience. This recent partnership with Adyen echoes a previous collaboration with Adobe in March, which aimed at enabling online and in-store payments for global enterprise merchants. Both partnerships signify Cover Genius’s commitment to integrating sophisticated FinTech solutions to streamline payment processes and enhance customer experience.
User-Usable Inferences
- Enhanced payment security reduces risk of fraud.
- Improved authorization rates can lead to higher customer satisfaction.
- Instant claim payments in multiple currencies cater to a global customer base.
While the partnership primarily focuses on enhancing payment authorizations and security, it also significantly contributes to the overall efficiency of the claim processing system in the insurance industry, which is increasingly moving towards digital solutions. This move not only makes the process hassle-free for customers but also helps maintain the relevance and competitiveness of financial services in the digital era.
