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