CANNEX Announces Enhancements to Annuity Allocation Service
Toronto, May 27, 2015 – CANNEX, an independent provider of pricing and valuation services to the financial services industry in the U.S. and Canada, today announced the availability of PrARI™ 4.0, a new release of the Product Allocation for Retirement Income service. Key enhancements include the support of QLAC (Qualified Longevity Annuity Contracts) & DIA (Deferred Income Annuity) allocations, living benefit options, fixed income and equity investments, as well as pension analysis. The allocation service is configured to support proprietary retirement income programs as well as model portfolios offered by financial institutions in the retirement industry.
The enhanced service supports a full range of guaranteed income options including QLAC products which have been available and supported on the CANNEX Income Annuity Exchange since the first quarter of 2015. The recent QLAC Ruling by the U.S. Treasury represents another incentive for retirees to consider the allocation of guaranteed income products as part of their portfolio in retirement. The enhanced allocation service has also been configured to support a wider variety of Guaranteed Living Benefit options that are offered with both Variable and Indexed annuities. Web service support allows firms to incorporate the PrARI process into their existing retirement platforms and services.
“With an increase in the number of retiring baby boomers and the constant evolution of guaranteed income products, financial advisors and their clients not only need to understand what is currently available to them but also help in determining the appropriate mix of investment and insured products in support of their financial plan in retirement,” said Faisal Habib, President of the QWeMA Group, a division of CANNEX. “The PrARI™ methodology and service helps both product manufacturers and distributors provide the necessary information and guidance to make an informed decision about the purchase of annuities and other investments.”
The Product Allocation for Retirement Income service (PrARI™) was originally developed by Moshe Milevsky and the QWeMA group in 2008 and is used by a variety of financial institutions in support of their retirement income programs and practices. For more information about PrARI and other CANNEX services, call 1-800-387-1269 or visit www.cannex.com.