March 23, 2018 7:10 PM ET


Company Overview of Reliance Standard Life Insurance Company

Company Overview

Reliance Standard Life Insurance Company, an insurance carrier, specializes in employee benefits solutions in the United States, Puerto Rico, and the U.S. Virgin Islands. It offers employee benefits insurance products, such as group long term disability, group short term disability, group term, group dental and vision, life/accidental death and dismemberment (AD&D), and business travel accident insurances. The company also provides absence solutions, including short term disability and long term disability (STD/LTD) management solutions; Family Medical Leave Act (FMLA) administration management solutions; total absence management solutions; and administrative services. In addition, it offers...

2001 Market Street

Suite 1500

Philadelphia, PA 19103

United States

Founded in 1907





Key Executives for Reliance Standard Life Insurance Company

CEO & Director
Age: 65
President & CEO of Group Benefits Business
Chief Financial Officer, Senior Vice President and Treasurer
Executive VP & CEO of Asset Accumulation Business
Age: 58
CEO & President of Custom Disability Solutions (CDS) Div
Compensation as of Fiscal Year 2017.

Reliance Standard Life Insurance Company Key Developments

Reliance Standard Life Insurance Company Announces Executive Appointments

Reliance Standard Life Insurance Company has named Evan G. Schaffner as Senior Vice President, Group Sales Operations; and Thomas A. Lutter as Senior Vice President, Chief Financial Officer and Treasurer, effective immediately. Both positions report directly to Chris Fazzini, President and Chief Executive Officer, Group Benefits. Mr. Schaffner joined Reliance Standard in 2004, most recently serving as Vice President, Sales and Service Operations. During that time he has helped to materially increase revenue and profitability by thoughtful organizational design and careful management of client-facing functions. In his new role he is responsible for developing, implementing and delivering strategy in support of service excellence across all stakeholder segments. In this regard he maintains direct oversight of both consolidated and field-based teams dedicated to client service, sales support, account management, premium billing and accounting, customer care, agency licensing and marketing. A benefits industry veteran with more than 20 years of experience in various sales, operations, management and product development positions, Mr. Schaffner spent ten years with global benefits insurance carrier Cigna prior to joining Reliance Standard. Mr. Lutter comes to Reliance Standard from Voya Financial Inc. (formerly ING US), where he most recently served as Senior VP, Enterprise Financial Planning and Analysis. He also served as Senior VP, Chief Financial Officer of ING Insurance Solutions. Prior to Voya Financial, Mr. Lutter served in finance and management roles with Cigna and PricewaterhouseCoopers. In his role at Reliance Standard Mr. Lutter will oversee all Finance operations in support of profitable growth of group employee benefits premiums and asset accumulation. He succeeds Tom Burghart, promoted last year to Executive Vice President and Chief Executive Officer, Asset Accumulation, who is coordinating the executive leadership transition.

Reliance Standard Life Insurance Launches Voluntary Hospital Indemnity Product

Reliance Standard Life Insurance Company has introduced a Voluntary Hospital Indemnity (VHI) product in time for the 2017 benefit year. With other employee paid lines like Critical Illness and Group Accident insurance, Voluntary Hospital Indemnity insurance helps employees cope with growing exposure to out-of-pocket health care costs. Designed to work alongside an employer's comprehensive medical plan, Reliance Standard's Voluntary Hospital Indemnity plan helps offset some of the costs associated with an inpatient hospital stay, including employee out of pocket deductibles, copays, medications, transportation. A covered employee can use the benefit to ease the financial strain caused by the hospitalization. A fixed benefit is paid directly to the covered individual when triggered by a hospital admission and further benefits are paid for each day of inpatient stay in the hospital. Flexible benefit amounts are available at the group level for hospital admission and room and board costs, with the option to add critical care and wellness screening benefit coverage if the employer desires. To help address these needs, Reliance Standard began offering employers Voluntary Critical Illness and Voluntary Group Accident insurance plans in 2011. These plans provide covered employees a lump sum cash benefit for an illness, injury or treatment as dictated in the policy. The coverages work independent of any health or disability insurance and can help close the financial gap created by a variety of unexpected expenses.

Reliance Standard Life Insurance Names Michael Wilbert as Senior Vice President, Sales

Reliance Standard Life Insurance Company named Michael Wilbert, Senior Vice President, Sales, reporting directly to President Chris Fazzini. In his new role Wilbert is responsible for Reliance Standard's sales production in the group benefits market nationwide. In addition to overseeing the company's sales organization, located across 27 regional sales offices, he is responsible for developing strategic distribution initiatives and partnerships in the group benefits marketplace. Wilbert will also direct expansion of Reliance Standard's integrated absence management and ADA management business in partnership with sister company Matrix Absence Management. Mr. Wilbert joined Reliance Standard in 1993 as a sales representative in Atlanta. He most recently served as vice president, group sales and marketing, in which he was responsible for the strategic operation and sales performance of the company's core employee benefits lines.

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