Spraoi announced today that Reliance Standard Life Insurance Company (Reliance Standard) successfully deployed models for the identification of operational inconsistencies (e.g. churning, anomalous activity) across new business and in-force transactions within their block of traditional and indexed annuity business. The Spraoi solution now provides visibility into transactions for increased scrutiny for all Reliance Standard's annuity products. The scope of this project was to complete a review of Reliance Standard's historical transactions to develop models that will identify transactions that should be further analyzed. The successful completion of this program provides Reliance Standard with a tool to screen all transactions, increasing safeguards for their customers.
“Taking a proactive stance on the detection of operational anomalies will improve our ability to protect the well-being of our customers,“ said Kyle Ryan, Reliance Standard's VP Operations of Retirement Services.
About Reliance Standard Life Insurance
Reliance Standard Life Insurance Company (Reliance Standard) is a leading insurance carrier offering innovative and flexible employee benefits solutions including disability income and group term life insurance, a suite of voluntary (employee paid) coverage options and fully integrated absence management through its Employee Benefits segment. Through its Retirement Services segment, Reliance Standard offers a portfolio of traditional fixed and indexed annuities to individuals seeking to preserve capital and retirement income with guaranteed returns as well as fixed and floating rate institutional funding agreements. Rated A++ (Superior) by A.M. Best and A (Excellent) Standard & Poor's, Reliance Standard began its centennial year in 2006.
Spraoi is a Pennsylvania limited liability company. Spraoi is the provider of machine learning platform and solutions to solve the challenges our insurance clients face as they seek to gain greater insight into their data. Visit www.spraoi.ai