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