Annuity data firm Cannex inks partnership with Luma

investmentnews.com:

Cannex, a North American financial research and data services provider with a focus on annuities, is helping more advisors analyze and choose annuities for their clients’ financial plans through a new fintech collaboration.

In partnership with Luma Financial Technologies, Cannex has introduced the CANNEX Annuity Marketplace, a new platform aimed at simplifying annuity selection and analysis for financial professionals at small and mid-sized firms.

The marketplace offers tools to conduct performance analysis across hundreds of annuity products, including fixed, indexed-linked, variable, and income annuities. It integrates CANNEX’s extensive annuity data and analysis with Luma’s technology platform, widely used by major financial institutions, to provide a user-friendly interface for industry professionals.

As the US stands at the edge of a retirement crisis, the annuity space has grown at an impressive pace, with Limra estimating a total of $113.5 billion in US annuity sales in the first quarter of 2024 alone.

“As carriers continue to innovate and launch unique products and features, the importance of being able to understand and evaluate annuities on a standardized basis has grown,” Gary Baker, president of Cannex USA, said in a statement. “The marketplace’s tools illustrate the performance characteristics of different annuities consistent with best interest requirements and client goals.”

The Cannex Annuity Marketplace offers detailed information on annuities from over 60 providers, including data on income, rates, and yield. It enables advisors to generate illustrations based on products, asset allocations, riders, and annuity categories under various market conditions.

For index-linked annuities, the platform includes