The Challenge
The state of Mississippi experienced great success with a paper-based 529 college savings and pre-paid plan, but to remain competitive in the digital age, they needed to develop a product that would allow consumers to manage and track investments in a central web-based location. They called on Intuition College Savings Solutions to create an online platform that would help customers manage accounts with ease.
The Solution
In partnership with the Mississippi team, ICSS set out with an ambitious goal: to develop an online portal where a consumer could manage both 529 savings and pre-paid plans under a single online login. Our team first spent time in the discovery phase, to gain a full understanding of the functionality needed for the platform. This would ensure that desirable features were built out, with the end consumer’s experience in mind.
The ICSS team developed a brand-new, tailored customer login platform that granted users access to their college savings accounts all in one centralized, secure location. The virtual product featured more accessible e-statements, expanded control over accounts, and ultimately empowered customers to take more initiative with management of their 529 plans. This customized system allowed Mississippi to house management of both the savings and pre-paid plans in a single online environment.
Today, the Mississippi team continues to receive positive customer feedback since its launch. Overall, the solution has resulted in a more engaged participant base, with increased logins and account activity. Plus, the online horsepower and account accessibility has translated into fewer calls and emails for support staff.
Results
- Fully integrated platform solution
- Increase in positive customer feedback
- Over 85% of account transactions are now online
- Overall paper correspondence has decreased 20%
- Year-over-Year electronic usage increases
The Challenge
In an effort to continue developing competitive 529 plan solutions for constituents, the state of Michigan was looking to enhance enrollment offerings. With the goal of growing 529 plan assets, the team was preparing to expand beyond traditional lump sum and monthly payment options by creating a custom pay-as-you-go product. To accomplish this, the state brought in Intuition College Savings Solutions to develop a custom software catering to their unique need.
The Solution
When ICSS began the challenge at hand, the first step was to identify product goals, requirements, and key customer needs. This partner-focused discovery phase allowed us to map a solution tailored specifically with the end user in mind. The Michigan team was kept in the loop during the scoping, design and buildout process, ensuring that the finished product would hit the mark.
Given the dynamics of a pay-as-you-go system, we knew that account activity needed to be trackable and intuitive. We worked to develop a software that was user-friendly for both the state and consumer, then focused on a seamless implementation to ensure strong customer participation and long-term adoption.
We are proud to share that today the pay-as-you-go option is the state’s most popular product. Not only did customers love this new feature, but the state was able to increase account tracking capabilities and experienced dynamic growth of new accounts post launch.
Results
- Overall increase of nearly 10,000 accounts since launch of the product
- Pay-as-you-go is now the state’s most popular product
- Customized solution allows for increased tracking ability
The Challenge
While 529 participation in the state of Vermont was steady, the team was looking to restructure its offerings to provide a stronger return on investment that would ultimately fuel account growth. They needed a program management partner who could create a custom plan and technology-driven solution built with user accessibility at the forefront. With big changes on the horizon, this provider would also need extensive understanding of 529 products, proven success in plan conversions, and the agility to make changes quickly as the plan evolved.
The Solution
ICSS was brought onboard to develop the new 529 plan software and manage the conversion. We immediately began work on development of a custom solution that prioritized the online experience and provided customers the ability to complete transactions autonomously. Our team knew that we would be most successful at boosting plan assets by improving the customer experience.
With intimate knowledge of both the state and consumer-facing needs, ICSS was able to develop an online platform that balanced data security with customer convenience. The implementation process was a breeze and immediately provided consumers with an easy-to-use online portal for management of their 529 plans. Users were empowered to take ownership of their accounts with the option to control investments and transactions themselves. This digital solution resulted in record-breaking growth across the state, with increases in the number of plan assets and active accounts. Plus, with a reduction in the number of paper transactions, there was a secondary cost savings benefit realized for the state.
Results
- 56% increase in total plan assets
- 39% increase in active accounts
- 52% increase in account beneficiaries
- 20% decrease in mail correspondence
