7 ways your business could accelerate digital transformation with PayPal

Transformation: The key to business survival

While profitability and regulatory concerns continue to be ongoing challenges, many insurance companies are partnering with insurtech and other businesses to help them automate and simplify processes, reduce risk, increase profitability, drive customer acquisition and retention, and improve customer satisfaction.

With a suite of solutions that can help deliver high online conversion rates and consumer trust and loyalty, as well as back-end efficiencies and operational and reporting excellence, PayPal can help businesses such as insurers transform and stay competitive.

Accelerate your digital transformation with PayPal.

For too long, payments have been considered the end point in the customer journey – a last consideration in digital transformation. However, a payments strategy could be a key differentiator in driving a competitive advantage in new products, services and business processes.

PayPal for enterprise helps business such as insurers accelerate their digital transformation with solutions that may capture more opportunities across channels, devices and audiences.

Transform growth
With one of the world’s largest data sets, PayPal helps insurers understand customer behaviours, the key to capturing more opportunities. Our insights allow you to better tailor marketing and promotional activities to capture new customers, encourage loyalty with existing customers, and enter new markets and verticals.

For example, you can create unique rewards partnerships to incentivise repeat purchases or engage customers by sending targeted offers to PayPal users who have abandoned their carts. Built-in artificial intelligence helps you analyse and predict customer behaviours to give you the real-time insights you need to customize marketing campaigns and maximise customer lifetime value.

1. Create frictionless consumer experiences
With a focus on digital experiences rather than channel strategies, PayPal can help you maintain touchpoints across customer experiences online.

Payment can be a friction point for customers, especially when they’re required to click through multiple screens to make a purchase. But you can enhance purchasing and self-service through seamless integrations with apps and websites. These integrations not only create better customer experiences, they also reduce demand on customer service teams, increasing NPS by an average of 8%¹ and reducing risk.

PayPal’s vaulting capability can also support frictionless policy renewals. Customers’ payment details are securely stored by PayPal and can be re-used for premium renewals without individual reauthorisation. Whether it’s enabling seamless checkout experiences or enabling easy renewals, PayPal’s single integration makes it easy to delight customers and provide contactless, friction-free experiences.

2. Improve conversion and retention
PayPal’s platform enables you to brand, design and optimise your checkout while taking advantage of our 20+ years of experience in helping deliver high converting experiences. Our study shows, businesses that offer PayPal as a payment option enjoy a 28% increase in conversion at checkout and PayPal’s Hong Kong customers are 2.8 times more likely to convert wherever PayPal is visible.³

With a wide choice of payment methods available to consumers, including credit and debit cards and digital wallets, it’s the easy way to ensure customers can always pay how they want to.

3. Increase customer lifetime value
Subscriptions and recurring payment options can be easily enabled to automatically capture monthly or annual premiums. And with multiple cards and bank accounts linked to PayPal accounts, along with our proprietary intelligence, we can reduce your decline rate, enabling you to maintain customer relationships longer.

What’s more, you can incentivise customers and reward loyalty with bespoke programs that prompt repeat purchases and help increase overall customer lifetime value.

4. Expand strategic partnerships
PayPal’s extended commerce capabilities open up new opportunities for strategic partnerships. Our integrations make technically difficult experiences easy and secure, allowing you to create new monetisation opportunities and to go to market faster.

For example, you can add insurance opt-ins on third-party events or tourism sites or enable partnerships for customer rewards. PayPal makes it possible. And transaction handling is taken care of for you, with funds auto-routed to the appropriate party for each transaction in real-time.

Partnerships with other brands under your parent company are more easily optimised with the ability to share payment data without exposure to risk.

Transform technology
As a tech leader, PayPal helps you keep pace with rapidly changing buyer behaviours and complex regulatory environments. Once integrated, our checkout architecture can help future-proof your business with automatic access to new features and optimisations. A single integration also enables scale, making it easy to build your business within your home market and even extend into new, international markets.

You can customise your integration methodology at the deepest level with a suite of dev-friendly SDKs and APIs. Our Solutions Engineering team will partner with you to design, implement and optimise your integration, and ensure both PCI and regulatory compliance. And a modular integration approach helps you operationalise payment capabilities quickly without delaying or disrupting your roadmap.

5. Balance risk and security
Tap into our proprietary mix of data, models and tools to optimise fraud prevention. Our fast-learning predictive risk algorithms ingest trillions of data points from across our network to identify patterns and help mitigate risk in real time.

At the same time, dynamic routing, retries and granular data analysis helps ensure legitimate transactions are approved at a higher rate and more often on the first try.⁵ You can test and deploy new risk rules in real time to adapt to evolving fraud patterns without friction at checkout or increasing risk of false declines. And easily and securely connect with third-party security services partners to optimise your risk and security profile.

Our team of data security experts are on hand to help you apply successful compliance and security strategies to navigate the complex regulatory environment. They’ll work with you to help limit auditing complexity and help PCI compliance across your entire business.

6. Adopt the future
Old payment infrastructure makes it hard for businesses such as insurers to balance reducing payment complexity and improving the customer experience. Modernising with cloud technology allows insurers the flexibility to add new functionality without the need for new infrastructure.

PayPal’s extended capabilities bridge the tech gap, enhance the customer experience and contribute to financial performance. And with custom actions, you have direct access to PayPal’s global roadmap so you can fast-track improvements that align with your priorities.

Transform operations
We help streamline your operations so you can simplify partnerships with security, redundancy and processing partners.

7. Optimise payment handling and reconciliations
With all your transactions in one optimised control panel, your team can easily track, manage and settle payments. And our robust reporting system helps you stay on top of trends and improve decision-making.

Our proprietary risk systems deliver significantly improved authorisation rates which means fewer declines. Combined with PayPal experts managing your chargebacks, this results in reduced collection and chargeback costs, and helps limit customer churn.

About PayPal
PayPal has remained at the forefront of digital transformations and online payments for more than 20 years. Our insights and innovation have helped drive growth for our merchants, with convenience, choice and trust at our core.

Tap into the power of PayPal and find out more about how we can help accelerate your digital transformation today. Contact us.