In an effort to be the first organization to bring true artificial intelligence (AI) to the 401k market, The 401(k) Plan Company recently announced a minority investment in Unanimous AI to help elevate human decision-making in the workplace for HR partners, CFOs and plan participants.
San Francisco-based Unanimous AI builds technologies that amplify human intelligence using technologies modeled on the biological principle of Swarm Intelligence. Unanimous AI in late October announced it has been awarded three new U.S. Patents covering its unique AI technology aimed at amplifying the intelligence of human groups. Swarm AI technology from Unanimous is a combination of real-time human input and AI algorithms, which the company says enables networked groups of people to think together as super-intelligent systems.
Under terms of the deal, The 401(k) Plan Company will make Unanimous AI’s capabilities available to employers seeking to evolve through the remote workforce considerations, empowering teams to make significantly better decisions.
“AI has the power to replace humans, or to amplify their best work. So if The 401(k) Plan Company will be the first organization to bring true A.I. to 401k and human resources, CFOs, and CEOs then we feel a responsibility to use the A.I. to amplify humanity positively, and that’s why we have partnered with Unanimous AI,” said Tom Frost, founding Director of The 401(k) Plan Company, based in San Marcos, Calif., and Las Vegas, Nev.
“We have worked with many major organizations around the world, from the United Nations and top universities, to professional sports teams and Fortune 500 corporations,” said David Baltaxe, President of Unanimous AI. “We are excited to add The 401(k) Plan Company to that list of impressive partners, as they have the vision and commitment to bring our Swarm technology to a new and important marketplace.”
Swarm AI technology from Unanimous can be used to amplify the intelligence of hiring teams, particularly if they are struggling amidst remote workforce engagement with how to aggregate the input of multiple individual interviews or team “loop” interviews during shelter in place.
It also can enable primary decision-makers, like CFOs, trustees, and plan governance committees, to obtain instant objectivity around decisions they need to make and peer-review internal conclusions without binding commitments. This can improve the accuracy of financial forecasts and the quality of the 401k process that is a precept of ERISA.
“Unanimous AI’s predictive ability has proven out again and again in surprising and effective ways for distributed teams, workforces and predictive intelligence,” Frost said. “401k is about realizing the best interest of plan participants, so if AI proves an effective tool for employers, it requires widespread adoption.”
The Unanimous technology will first be available to 401k Plan Committees, Trustees, and hiring teams through The 401(k) Plan Company’s only-of-its-kind network of independent consultants and advisors across the U.S., the company says, connected and aligned in The State Plan Era, regardless of which state an employer domiciles or operates.
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Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
