Single Premium Immediate Annuities (SPIAs) are investments where, in exchange for a single payment, a life insurance company provides the annuitant with regular income payments, generally for the rest of the annuitant’s life. 

CANNEX distributes SPIA surveys, quotations and illustrations on behalf of insurance companies in the United States. 

CANNEX provides services that allow brokers, agents and wirehouses to survey, quote and illustrate all the companies in the SPIA market they deal with—from their own intranet or extranet.

CANNEX provides services that allow insurance companies to quote SPIAs on their own web site.

CANNEX sells software, customized to the specific requirements of an insurance company, that performs SPIA calculations. 

The key to the accuracy and timeliness of the SPIA quotations and surveys provided by CANNEX is that participating companies provide CANNEX with their mathematical algorithms used to calculate SPIA values. CANNEX reprograms these algorithms onto the CANNEX system and each company maintains their own parameters (e.g. interest rates) on CANNEX. Quoting from first principles enables CANNEX to maintain accuracy to seven significant digits while quoting any annuity type or specification. Companies fully guarantee the accuracy of SPIA quotes provided on their behalf by CANNEX.

Users enter specific data about the annuitant(s) (e.g. date of birth, gender and state of residence) and detail the exact SPIA required (e.g. indexing rate, certain period).  CANNEX then calculates an apples-to-apples comparative survey—instantly.

Users then click on the insurance company their client would like to purchase a SPIA from to receive an illustration in the company’s prescribed format -- instantly.

SPIA Services Information Sheet (pdf)

*  For information about subscribing to the data services provided by CANNEX click here.
© Copyright 2012 CANNEX Financial Exchanges Limited.  All rights reserved. 
Home | Legal Notices