How Our GenAI Bots Enhance 401K Regulatory Compliance and Form 5500 Report Generation

401(k) processes involve several tasks involving plan administrators and plan sponsors. Many of these tasks depend on manual data extraction that can lead to errors such as an incorrectly listed plan sponsor information or a blank participant count field. It often happens as a result of due to miscommunication or a lack of coordination between the plan administrator and sponsor. In the absence of timely updates, chances of missing deadlines become real.

This is where our expertise in implementing AI Bots can make a big difference by providing real-time information and generating reports. With our simple and cost-effective AI configurations, we can integrate Bots and create automated workflows that will save you from non-compliance and penalties. AI can completely eliminate the several manual tasks involved in the filing of Form 5500 and reconciliation of data.

Our experts implemented and tested these Bots for one of the largest retirement plan providers in the US. The client was able to develop a mobile application to help its customers to make easy transactions and apply for various financial aids with simple clicks. For example, payments, annuity programs, health programs, etc. As a result, the client was able to enable live audit processes and significantly improve data accuracy with the use of AI powered WorkBots.

Finally, we also ensured thorough testing of the new application before it is released for the users. It required device platform compatibility testing as the newly launched automated workflows will be accessed on different devices, such as mobiles, iPads, etc.

Primary QA scenarios when testing new applications involve the following:

Usability of the application

UI and API

Testing for data security and privacy

Bug management with JIRA

Compatibility testing across all iOS and Android devices