Seguros Caracas deliver more online payments in a more secure environment with PayPal

Leading Venezuelan insurance provider Seguros Caracas needed a payments platform that could offer customers greater confidence when paying online, allow payment using US dollars, and help increase its overall approval rate. This case study explores how partnering with PayPal helped Seguros Caracas to achieve its objectives and deliver more payments in a more secure environment.

Seguros Caracas has been a leader in Venezuela’s insurance sector since its inception. Partnering with PayPal helped give the insurance provider the trust needed amidst the particular conditions of the Venezuelan market.

Background

Founded in 1943, Seguros Caracas provides a wide variety of insurance products for individuals and businesses in Venezuela. These include health, car, life, personal accident, workers compensation and property and casualty insurance.

Challenge

As one of the few insurers in Venezuela, Seguros Caracas needed a payments platform that could offer customers greater confidence when paying online, allow payment using U.S. dollars, and be a trusted partner to work with them to help increase their overall approval rate.

Solution

PayPal began working with Seguros Caracas and customizing criteria to help increase approval rates. In addition to obtaining transactions in U.S. dollars, Seguros Caracas began working with a team who understood the insurance business. Seguros Caracas now has a dedicated team to reach out to at any time, for support and payment expertise.

Outcome

The strong relationship between the two companies has been a key differentiator in Seguros Caracas’ drive to bring more of its business online. Since implementing PayPal, the company has seen:

• 189% increase in sales volume.
• 100% increase in number of transactions as more consumers are transacting online.
• 13% increase in approval rate due to customized risk criteria.

Seguros Caracas is enjoying the value PayPal brings from closely collaborating to grow both companies and improve the payment experience.

Read the full case study to learn more about how Seguros Caracas built consumer trust to secure more online payments.