Luma Financial Technologies, a global leader in structured products and insurance solutions, has announced its expansion into the life insurance sector.
The move into life insurance is driven by the increasing need for seamless integration between life insurance and annuities.
With more than half of U.S. adults holding life insurance, Luma’s latest offering supports financial professionals in aligning their clients’ financial goals across the entire investment lifecycle.
Luma specialises in providing cutting-edge solutions for structured products and insurance, enabling advisors to enhance their service offerings through a unified, intuitive platform. Its commitment to transparency, efficiency, and innovation has established the company as a market leader in alternative investments and insurance solutions.
The new platform integrates life insurance with annuity management, offering financial professionals a unified tool for comprehensive financial planning.
It includes a wide range of features, such as educational content, product quotes, illustrations, and comparisons, as well as streamlined electronic order entry.
Advisors can also track their entire portfolio of life insurance business within the platform, simplifying access to critical information and enabling more informed decision-making.
In addition to simplifying processes, the platform aims to empower advisors to deliver better service to clients and allow carriers to expand their reach.
This is part of Luma’s ongoing effort to set a new industry standard by addressing the growing demand for unified insurance solutions.
Tim Bonacci, president and CEO of Luma Financial Technologies, said, “We are excited to extend our proven technology to the life insurance market, providing financial professionals with the first truly comprehensive solution in the industry. This expansion is a major milestone for Luma, further establishing our leadership in the alternative investments and insurance solutions while advancing our mission to deliver innovative digital solutions that meet the evolving needs of advisors and their clients.”
Jay Charles, managing director of insurance products at Luma Financial Technologies, added, “As demand grows for a unified approach to managing both annuities and life insurance, Luma is rising to the occasion. Our technology, which has redefined annuity management, will now do the same for life insurance—empowering advisors to better serve their clients and enabling carriers to expand their reach.”
This latest development reinforces Luma’s dedication to innovation and its role as a trailblazer in the FinTech industry. By integrating life insurance and annuities, the company is simplifying complexity, enhancing advisor-client relationships, and delivering forward-thinking solutions tailored to the evolving needs of financial professionals.
Copyright © 2024 InsurTech Analyst
