CANNEX launches Annuity Marketplace

Financial professionals at small and mid-sized firms will find it easier to select annuities and make decisions on asset allocations, terms and riders for their clients now that CANNEX has partnered with Luma Financial Technologies to launch the CANNEX Annuity Marketplace.

The CANNEX Annuity Marketplace combines CANNEX’s annuity analytics and Luma Financial Technologies’ institutional annuity sales platform to help financial professionals select and configure an annuity for purchase by their clients consistent with best interest standards. The marketplace provides financial professionals at small and mid-sized firms a resource to simplify the process of helping clients incorporate annuities into their portfolios.

The marketplace provides the ability to analyze the performance of hundreds of fixed, index-linked and variable annuities, as well as income annuities. It leverages CANNEX’s annuity data, analysis, and illustration expertise, along with Luma’s market-leading technology platform that serves the world’s largest financial institutions, to provide an interface for use by financial professionals across the industry.

The CANNEX Annuity Marketplace provides income, rate, yield, and product information on annuities from more than 60 providers. Advisors can run illustrations across products, asset allocations, riders, and annuity categories using a range of market scenarios. For index-linked annuities, hypothetical performance can be modeled based on the use of an efficient-frontier analysis.

Using the marketplace, advisors can:

• Avoid time-consuming searches for rates, features and other product details.
• Compare and evaluate product options with apples-to-apples comparisons.
• Assess allocations between index-linked strategies for a particular product.

CANNEX had worked with Luma on its annuity platform for about three years, but the efforts previously had been aimed at larger institutions such as broker-dealers, said Gary Baker, CANNEX USA president.

“What CANNEX has done up to this point is provide analyses for comparative purposes, as well as product illustrations,” he said.

“But what's different about this is that Luma has built an elegant user experience, which has advanced the advisor’s ability to do comparative analysis or illustrations across not only hundreds of products, but across the different categories. This new capability allows you to, for example, compare the income performance of an income annuity versus a fixed indexed annuity with an income benefit.”

One of Luma’s goals in partnering with CANNEX on the Annuity Marketplace is “to address the challenges advisors have in helping clients understand the benefits annuities can bring to them,” said Jay Charles, Luma’s director of annuity products.

“We’ve tried to make it as streamlined and simple as possible for the advisor to understand the product benefits, to be able to easily compare client outcomes across products and be able to find the product that best meets their client’s needs.”

Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected]. Follow her on X @INNsusan.

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Susan Rupe is editor in chief, magazine, for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected].