Cannex and Luma Create Annuity Shopping Tool for Advisors | ThinkAdvisor

By Allison Bell

May 23, 2024 at 10:20 AM

Another company, Hexure, has added annuity quoting to its FireLight electronic application system.

Two companies have teamed up to offer advisors a new annuity comparison system.

Cannex and Luma Financial Technologies launched the Cannex Annuity Marketplace Wednesday.

The new system comes stocked with detailed information about hundreds of annuities from about 60 issuers.

Gary Baker, president of Cannex USA, said advisors can use the system to meet regulators’ best- interest product recommendation requirements as well as to meet clients’ own income planning goals.

What it means: Tech companies are developing tools that can help advisors prove they did their best to find the best possible annuities, not just systems that can help consumers rank annuities from highest yield to lowest.

The system: Cannex is known for creating streams of financial product data. Luma is known for its institutional annuity sales systems. The new annuity marketplace system combines Cannex data with Luma tech.

Advisors can get details about yields, asset allocations, terms and riders for fixed annuities, variable annuities, index-linked annuities and income annuities, and they can filter products based on whether the client wants to accumulate assets or convert assets into a stream of lifetime income.

Advisors can also use the system to illustrate how products might perform in a wide range of scenarios.

For index-linked products, advisors can use the “efficient frontier” analytical framework.

Advisors can also use the system to create product performance forecast comparisons, to support regulators’ new product recommendation documentation requirements.

Hexure’s system: Hexure is another example of a company racing to help advisors meet the new product comparison requirements.

Hexure announced Wednesday that it has added annuity quoting with side-by-side comparisons to its electronic annuity application system.

Advisors can get quotes either through the firm’s FireLight system or through interfaces embedded in any website that chooses to offer the Hexure quoting tool.

Advisors can use the tool to compare product rates, fees and a variety of product and carrier details.

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