A brief overview of Stax.ai’s applications for plan administrators.

Third Party Administrators (TPAs) are organizations that manage the day-to-day aspects of employee retirement plans. TPAs perform functions including designing retirement plans and documents, keeping records of employee plan statements, preparing employer and employee benefit statements, reconciling and consolidating statement information across quarters or years, and more.

These tasks involve thousands of hours spent by administrative staff sorting through documents from many different investment providers (such as Charles Schwab, Ameriprise, etc.), filing the correct statements for each employee account, recording communications, re-typing or entering data from the statements into spreadsheets, etc. These tasks are often repetitive and employees often lose their minds over performing such menial tasks on a daily basis. Furthermore, long tedious tasks such as document sorting, data entry, and filing are prone to human error due to fatigue. This can potentially result in breach of data security policies and poor data integrity.

Stax.ai is a cloud-based workflow automation and intelligent search tool that employs state-of-the-art artificial intelligence (AI) software running on distributed computational resources to effectively and intelligently perform various repetitive tasks quickly and effectively. It can automatically intercept documents from scanners, emails, electronic faxes, etc., and then sort them, file them, and make everything in them fully searchable!

TPA Solution #1: Automatically sort and file brokerage statements

You can upload bulk statements or scan them directly into Stax.ai. It can then automatically sort individual statements by account based on the account numbers and client information on the statement. It syncs with PensionPro to stay up to date with your latest plan information and files the statements in your secure network drive.

TPA Solution #2: Automatically download and file record-keeper reports

TPA Solution #3: Client email communications logging

By copying (Cc or Bcc) emails sent to your clients to a designated email address, or by forwarding an email chain to a designated email address, Stax.ai can convert your email contents along with any attachments to PDF and save it into your network drive. Additionally, it makes all the content of the email searchable so you can find precise content, emails between specific clients, or emails about certain topics very quickly.

Additionally, Stax.ai can also convert statements to Excel spreadsheets, extract key information from the statements, reconcile information across multiple periods, automate new client intake, and more!

The stax.ai advantage for TPAs

• Minimize human error & boost accuracy
• Enhance business growth & scalability
• Lower administrative labor & accounting costs
• Increase employee happiness & morale

Stax.ai is simple and easy to use! An intuitive, user-friendly interface allows for seamless onboarding. We also provide training and offer onboarding assistance to help solve your unique problem. Additionally, you are assigned a dedicated account manager to provide any support or assistance you may need.

Unlike most enterprise software, Stax.ai can be set up for your business in less than a week! You will start seeing your time and cost savings as soon as you start using it!

Schedule a free demo/consultation right now to learn more about Stax.ai and see how it can help your TPA!