5 key insights from our webinar with Veygo Insurance, on how they achieved 6xROI with their digital assistant

1. Look to the data to focus your bot

There was no guesswork when it came to choosing which questions to answer with Veygo. They meticulously analysed interaction data to identify what queries they were getting, through which channels and pinpointed where conversation AI could provide significant value.

This data-driven approach ensured that the chatbot was focused on addressing the most impactful areas, leading to efficient resource allocation and enhanced user satisfaction.

2. Simple use cases can have a huge impact

Veygo's chatbot strategy emphasises simplicity, handling routine enquiries to free up human agents for more complex issues. This approach has been instrumental in achieving their impressive 6x ROI. 

By efficiently managing straightforward tasks, the chatbot not only enhances operational efficiency but also sets the stage for future advancements in technology, which are expected to yield even better results.

3. Involving the right people from the outset boosts your chances of success

Involving key stakeholders from various departments — such as customer service, compliance, and risk management — early in the project was vital for Veygo. This collaborative approach ensured that everyone understood the project's goals and their roles from the beginning. 

As digital assistants become more integral to business operations, it’s essential to engage all relevant departments, including API managers, knowledge management, and marketing teams, as well as securing buy-in from senior leadership to ensure the necessary funding and support.

4. The measure of success came from 3 key areas

Veygo's success with their chatbot was measured by 3 things:

• Reduction in customer service workload: By offloading simple enquiries, the chatbot significantly reduced the burden on human agents.

• Customer satisfaction: They closely monitored Trustpilot reviews and internal surveys to ensure that customer satisfaction remained high.

• Scalability: The chatbot's efficiency allowed Veygo to scale their customer service operations without proportionately increasing staff.

5. A ‘land-and-expand’ strategy for future development

Starting with a robust core functionality, Veygo is now looking to enhance their digital assistant with advanced AI capabilities, including leveraging generative AI to handle more complex queries. They also plan to implement automated actions for tasks like cancellations and renewals. This strategy, based on continuous improvement driven by customer feedback and interaction data, sets a solid foundation for ongoing innovation and efficiency gains.

This comprehensive approach highlights the importance of strategic planning, cross-departmental collaboration, and continuous improvement in maximising the benefits of conversational AI technologies.