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  • CANNEX Rolls Out Industry-First Comparative Illustration Platform for Variable & Fixed Indexed Annuity Benefits

    December 6, 2017 by Cannex

    NEW YORK and TORONTO, Dec. 6, 2017 /PRNewswire/ — CANNEX Financial Exchanges today announced the rollout of a new set of annuity comparison tools – CANNEX VA AnalysisSM and CANNEX FIA AnalysisSM. These tools have been developed on a new patent pending comparative illustration platform. The platform enables financial institutions and advisors working with clients to assess and compare annuities with various product designs and guarantees on a quantitative basis. CANNEX is a leading provider of comparative pricing, illustration and valuation data and tools to the financial industry.

    The new tools calculate both the guaranteed and projected performance of annuity contracts and riders across different product providers using a common illustrative framework. CANNEX accomplishes this with a combination of financial and actuarial modeling through a simulation process (i.e., Monte Carlo analysis). Leveraging these tools, advisors are able to support their annuity recommendations consistent with FINRA suitability requirements and the DOL fiduciary standard. Sales & marketing materials specific to each annuity product are also available through the service.

    “As the number of annuity options and riders have grown, it has become increasingly difficult to compare their benefits in a simple and transparent manner,” said Gary Baker, President, CANNEX USA. “Providing a consistent approach to calculating the economic value of an annuity transaction for individuals is key to helping advisors recommend products that meet their clients’ specific needs.”

    The CANNEX VA and FIA Analysis tools incorporate the use of both traditional illustration methods as well as a present value analysis that takes into account changes in cash flow in a product over the course of a lifetime in retirement. The analysis allows advisors to sort and rank annuities by different components of a contract, depending upon the needs or objectives of the client. In some situations, these objectives are determined by other planning and guidance tools, which the CANNEX application can integrate with.

    “Since annuities are developed and structured to meet specific client needs, it was important that these tools highlight the potential performance of their various benefits, as well as fees, which are crucial to clients’ decision-making process,” added Tamiko Toland, Head of Annuity Research for CANNEX. “The applications can also be leveraged by insurance companies as part of the product development process to test the competitiveness of new product concepts.”

    The VA and FIA Analysis tools currently list annuities from more than 25 leading carriers in the market. Financial institutions have already started implementing these applications, which are available to both retail and institutional distribution channels.

    More information about CANNEX’s annuity evaluation methodology is available in the following white paper: Determining the Economic Suitability of a Variable Annuity Transaction. Fact sheets and additional information are available at www.CANNEX.com.

    About CANNEX

    CANNEX Financial Exchanges Ltd. supports the exchange of pricing information for annuity and bank products in North America. The firm provides financial institutions the ability to evaluate and compare various guarantees associated with retirement savings and retirement income products. In the U.S., this includes the evaluation of annuity guarantees (Income Annuities, Variable Annuities, Indexed Annuities, and Fixed Rate Annuities) and consulting services supporting the optimization and allocation of retirement income portfolios. For more information about CANNEX, visit www.cannex.com.

    Contact: Simon Erskine Locke
    187237@email4pr.com
    Tel: +1-917-359-6969

    SOURCE CANNEX

     

    Originally Posted at PRNewswire on December 6, 2017 by Cannex.

    Categories: Industry Articles
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