Cannex Financial Exchanges
CANNEX Financial Exchanges is a Toronto-based, privately held financial data and analytics company founded in 1984 that provides pricing, evaluation, and research tools for annuity and bank products to insurance carriers, banks, brokers, and advisors across North America.
- Company typePrivate
- Founded1984
- HeadquartersToronto, Canada
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Cannex Financial Exchanges does
CANNEX Financial Exchanges is an independent, privately held financial data and analytics company founded in 1984 and headquartered in Toronto, Ontario. The company provides pricing data, product evaluation tools, analytics, illustrations, and research services for annuity and bank products across North America, serving insurance carriers, banks, brokers, distributors, financial planning software vendors, and independent financial advisors. Its core platform includes the CANNEX GIC Exchange (which automates bank product application processing and administration in Canada), Income Annuity Exchange, and proprietary analysis tools (CANNEX FIA Analysis, CANNEX VA Analysis) plus benchmarks including the PAY Index and Implied Longevity Yield. The 2013 acquisition of QWeMA Group added PrARI product allocation software, QWeMA NumeRIcs analytical tools, and academic methodology including a US patent on optimal retirement portfolio withdrawal rates. The most recent strategic move was the May 2024 launch of the CANNEX Annuity Marketplace in partnership with Luma Financial Technologies, extending CANNEX's data and analytics to small and mid-sized advisory firms across 60+ annuity providers.
The company generates revenue through three primary streams: subscription-based data and analytics services, transaction-based fees on the GIC Exchange, and professional services for custom research and due diligence. Distribution is primarily direct enterprise sales to financial institutions, supplemented by the Luma channel partnership and authenticated customer portal access. The firm maintains active regulatory engagement with NAIC working groups and DOL on annuity illustration and disclosure standards, positioning CANNEX as a compliance-grade data provider. Ownership is founder-led (co-founded by Lowell Aronoff and the late Alex Melvin), with no disclosed parent company, no external funding rounds, and no institutional or private equity backing evident in the available data.
Cannex Financial Exchanges firmographics
Firmographics- Name
- Cannex Financial Exchanges
- Legal name
- CANNEX Financial Exchanges Limited
- Website
- https://cannex.com
- Company type
- Private
- Founded year
- 1984
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- CANNEX Financial Exchanges is a Toronto-based, privately held financial data and analytics company founded in 1984 that provides pricing, evaluation, and research tools for annuity and bank products to insurance carriers, banks, brokers, and advisors across North America.
- Ownership category
- akta.pro rank
Cannex Financial Exchanges industry classification
Industry- Product category
- Financial Data and Analytics — Annuity and Bank Product Pricing
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)
- akta.pro primary industry
- FX Electronic Trading Platforms (Spot/Forwards/Swaps) (FSAFANAC)
Keywords
Where Cannex Financial Exchanges is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Cannex Financial Exchanges business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Data and Analytics Services: CANNEX provides pricing data and analytics for annuity and bank products to financial institutions. Services include comparative pricing, illustration, valuation, and research supporting product evaluation, compliance, and sales processes.
- Transaction Processing: The CANNEX GIC Exchange enables automated application processing and administration of bank and annuity products, generating transaction-based revenue.
- Research and Consulting Services: Custom research and due diligence services for retail and institutional markets, including annuity education and quantitative research methodologies.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Cannex Financial Exchanges product offering
Product offeringCore offering
CANNEX Financial Exchanges operates a B2B financial data and analytics platform that aggregates pricing, performance, and product information for annuity and bank products across Canada and the United States. The platform supports standardized comparison, illustration, transaction processing (notably the CANNEX GIC Exchange in Canada), and benchmarking via proprietary indices such as the PAY Index and Implied Longevity Yield. Carriers, banks, brokers, and advisors use CANNEX data and software tools for sales illustration, suitability and compliance support, market intelligence, and retirement income research.
Product overview
CANNEX Financial Exchanges is an independent financial data and research services company operating a platform of annuity and bank product pricing, analysis, and exchange services across North America. The core offerings include the CANNEX GIC Exchange for automated bank product administration in Canada, and a comprehensive suite of annuity products including Income Annuities, Fixed Rate Annuities (SPDA/MYGA), Indexed Annuities, and Variable Annuities. The company provides proprietary benchmarking tools including the PAY Index and Implied Longevity Yield, along with analysis platforms such as CANNEX FIA Analysis and CANNEX VA Analysis. Following the 2013 acquisition of QWeMA Group, CANNEX expanded its portfolio to include PrARI (product allocation software) and QWeMA NumeRIcs (analytical tools). The 2024 CANNEX Annuity Marketplace, developed in partnership with Luma Financial Technologies, represents the company's latest platform offering, enabling analysis of hundreds of annuity products from over 60 providers. The ecosystem also includes income valuation services, consulting, and education offerings supporting retirement income planning.
Differentiator
Problem solved
Functional benefit
Products and services
- CANNEX GIC Exchange Automates application processing and administration of bank products (GICs, term deposits, deposit accounts, mortgages) for Canadian financial institutions, enabling efficient transaction processing and competitive pricing comparison.
- Income Annuities Exchange (Canada and U.S.) Pricing, comparison, and exchange service for immediate and deferred income annuities, including Single Premium Immediate Annuities and deferred income annuities across multiple providers in Canada and the U.S.
- Fixed Rate Annuities (SPDA / MYGA) Service U.S. fixed annuity (Single Premium Deferred Annuity / Multi-Year Guarantee Annuity) pricing comparison and rate tracking service across providers, supporting advisors and carriers in the U.S. market.
- Indexed Annuities Service Pricing, comparison, and illustration services for U.S. fixed indexed annuities (FIAs) and registered index-linked annuities, including access to the CANNEX FIA Analysis tool for apples-to-apples benefit evaluation.
- Variable Annuities Service U.S. variable annuity pricing, comparison, and embedded-guarantee analysis (GMWB, GLWB), powered by the CANNEX VA Analysis tool for cross-carrier evaluation of riders and benefits.
- PAY Index Proprietary benchmark index that tracks annuity pricing and performance across the Canadian and U.S. markets, providing a reference for retirement income product valuation.
- Implied Longevity Yield (ILY) Benchmark index that measures the implied longevity yield of retirement products, helping financial professionals evaluate annuities relative to life-expectancy assumptions.
- CANNEX FIA Analysis Software-as-a-Service illustration platform that delivers apples-to-apples evaluation of the benefits and components of fixed indexed and variable annuities across multiple U.S. providers.
- CANNEX VA Analysis Software-as-a-Service analysis and comparison tool for variable annuity contracts, with evaluation of embedded guarantees, riders, and performance characteristics across different providers.
- CANNEX Annuity Marketplace Online marketplace platform, built with Luma Financial Technologies, that allows financial professionals to analyze and compare hundreds of fixed, indexed-linked, and variable annuities from more than 60 providers and make asset-allocation decisions.
- PrARI (Protected Retirement Income and Planning) Product-allocation software providing models for allocating insurance, annuity, and investment products to maintain sustainable retirement cash flows, including guidance on optimal spending rates and annuity product selection.
- QWeMA NumeRIcs Analytical software engine for financial analysis and valuation of annuity products, supporting valuation services such as 'What is my annuity policy worth?' and optimal timing for activating living benefits.
- Income Valuation Service Valuation service that models an existing annuity policy's worth and the optimal timing for activating living benefits, using CANNEX's analytical engine.
- Research and Consulting Custom research and due diligence services for retail and institutional markets, including methodologies for annuity and insurance guarantee optimization and allocation within retirement programs.
Quantifiable outcome
- CANNEX Annuity Exchange used by 400+ financial institutions supporting 500,000+ advisors
- +1 more outcomes
Companies that use Cannex Financial Exchanges
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles3 records
Cannex Financial Exchanges technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature9 records
Cannex Financial Exchanges partnerships and signals
Strategic signalPartnerships
14 partnerships are on record, tiered core and minor.
- Luma Financial TechnologiescoreCANNEX partnered with Luma Financial Technologies to launch the CANNEX Annuity Marketplace, making annuity evaluation tools accessible to financial professionals at small and mid-sized firms. The platform leverages CANNEX's annuity data and analysis expertise along with Luma's institutional technology platform to provide robust, easy-to-use interfaces for annuity product selection and asset allocation analysis across fixed, indexed-linked, and variable annuities.
- Alliance for Lifetime IncomecoreCANNEX partnered with the Alliance for Lifetime Income on the Protected Retirement Income and Planning (PRIP) study, examining Peak 65 consumers' retirement attitudes and behaviors. The sixth annual study provides insights on retirement savings, Social Security claiming patterns, and annuity adoption among Americans approaching retirement.
- Luma Financial TechnologiescoreLuma Financial Technologies selected CANNEX to enhance their annuity offering with pricing and analytics features. CANNEX provides product data and modeling support across all annuity types including fixed rate, fixed indexed, registered index-linked, and variable annuities through the Luma platform.
- Alliance for Lifetime IncomecoreCANNEX and the Alliance for Lifetime Income formed a research partnership to produce retirement income research on consumers and financial professionals. The partnership combines CANNEX's pricing and research expertise with the Alliance's consumer behavior knowledge to provide insights on protected income planning, annuity perceptions, and retirement portfolio protection strategies.
- Greenwald ResearchcoreCANNEX has partnered with Greenwald Research (formerly Greenwald & Associates) for over six years on the annual Guaranteed Lifetime Income Study. The research examines consumer and advisor attitudes toward guaranteed lifetime income products, retirement planning behaviors, and annuity market trends in both the US and Canada markets.
- Midland NationalminorCANNEX research sponsored by Midland National assessed the rider design of the Midland LiveWell Freedom variable annuity guaranteed lifetime withdrawal benefit.
- North American CompanyminorNorth American Company joined the CANNEX Income Annuity Exchange, offering their North American Income Single Premium Immediate Annuity through the platform for advisors.
- Midland NationalminorMidland National joined the CANNEX Income Annuity Exchange, offering their Direct Income Single Premium Immediate Annuity through the platform for advisors.
- New York LifeminorCANNEX research sponsored by New York Life compared the performance of variable annuities with guaranteed minimum accumulation benefits against fixed indexed annuities, evaluating principal guarantee characteristics.
- Sun Life FinancialminorSun Life Financial supported the second Canadian Guaranteed Lifetime Income Study conducted by Greenwald & Associates and CANNEX, examining Canadian retirement planning attitudes and guaranteed lifetime income product perceptions.
- The Great-West Life Assurance CompanyminorGreat-West Life supported the second Canadian Guaranteed Lifetime Income Study conducted by Greenwald & Associates and CANNEX, examining Canadian retirement planning attitudes and guaranteed lifetime income product perceptions.
- CUNA Mutual GroupminorCUNA Mutual Group joined the CANNEX Income Annuity Exchange, offering their MEMBERS Single Premium Immediate Annuity and MEMBERS Future Income Annuity to financial advisors through the platform.
- Genworth Life Insurance CompanyminorGenworth Life Insurance Company partnered with CANNEX to make its Income Assurance Immediate Need Annuity available to financial advisors through the CANNEX Income Annuity Exchange, enabling comparative pricing and benefit information for advisors and their clients.
- QWeMA Group Inc.coreCANNEX acquired QWeMA Group Inc., a developer of intellectual property and educational software for the financial services and retirement industry founded by Professor Moshe Milevsky. As part of the acquisition, Professor Milevsky joined the CANNEX board. QWeMA's product allocation (PrARI) and analytical (NUMERICS) tools were integrated into CANNEX's platform, and a new business unit was formed for continued R&D.
Scale indicators5 records
Recent moves6 records
Expansion highlights5 records
Cannex Financial Exchanges competitors and assessment
Company assessmentEmerging players
- iCapital Network: iCapital is a financial technology platform offering advisors access to alternative investments, structured products, and insurance solutions. While focused on alternatives, its advisor marketplace and product comparison approach overlaps with CANNEX's institutional annuity workflow.
- Blueprint Income: Blueprint Income is a digital annuity marketplace and comparison platform for advisors and consumers. It competes in the same annuity shopping and comparison workflow that CANNEX supports, though with a more consumer-direct orientation.
- CAIS: CAIS is a financial technology platform providing advisors with access to alternative investments and structured products, with similar marketplace and comparison functionality for institutional advisor workflows.
- Income Lab: Income Lab provides retirement income planning software for financial advisors, including analysis of annuities, Social Security, and sustainable withdrawal strategies. Its focus on retirement income analytics overlaps with CANNEX's PrARI and NUMERICS tools.
- Wealth.com: Wealth.com provides technology for insurance and annuity product distribution, illustration, and compliance workflows for financial professionals. It addresses overlapping use cases for advisors and insurance carriers in annuity sales and suitability analysis.
- annuity.com: annuity.com is a consumer-facing annuity comparison and shopping platform. It serves a different end-customer but overlaps with CANNEX on the underlying annuity pricing data and provider comparison capability.
Broad incumbents
- Morningstar: Morningstar is a global investment research and data provider with broad coverage including annuity research, retirement income analytics, and advisor tools. It competes at a portfolio level rather than specializing in annuity pricing data, but it overlaps on retirement income research and benchmarking.
- LIMRA: LIMRA is a major insurance and financial services industry research organization providing benchmarking, data, and consulting to insurers and advisors. It serves similar institutional customers as CANNEX and produces complementary retirement and annuity industry research.
Others
- Greenwald Research: Greenwald Research is CANNEX's research partner on the annual Guaranteed Lifetime Income Study. While not a direct competitor, it is an adjacent participant in retirement income research and consumer/advisor studies.
Direct peers
- Luma Financial Technologies: Luma is a financial technology firm that offers an institutional annuity platform for financial professionals. It is CANNEX's primary technology and distribution partner for the CANNEX Annuity Marketplace, providing overlapping capabilities in annuity product selection, comparison, and illustration.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Cannex Financial Exchanges social profiles
Digital presenceCannex Financial Exchanges financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cannex Financial Exchanges leadership team
Management profileNumber of profiles
Profiles7 records
Cannex Financial Exchanges subsidiaries and ownership
Company hierarchySubsidiaries1 record
Cannex Financial Exchanges funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cannex Financial Exchanges M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cannex Financial Exchanges
What does Cannex Financial Exchanges do?
CANNEX Financial Exchanges operates a B2B financial data and analytics platform that aggregates pricing, performance, and product information for annuity and bank products across Canada and the United States. The platform supports standardized comparison, illustration, transaction processing (notably the CANNEX GIC Exchange in Canada), and benchmarking via proprietary indices such as the PAY Index and Implied Longevity Yield. Carriers, banks, brokers, and advisors use CANNEX data and software tools for sales illustration, suitability and compliance support, market intelligence, and retirement income research.
Is Cannex Financial Exchanges a public or private company?
Cannex Financial Exchanges is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Cannex Financial Exchanges founded?
Cannex Financial Exchanges was founded in 1984. It employs 11 to 50 people.
Where is Cannex Financial Exchanges based?
Cannex Financial Exchanges is headquartered in Toronto, Canada, in the North America region.
How does Cannex Financial Exchanges make money?
Three revenue lines are on record. Data and Analytics Services are the primary driver. The others are transaction Processing and research and Consulting Services.
Who are Cannex Financial Exchanges's main competitors?
Emerging players on record are iCapital Network, Blueprint Income, CAIS, Income Lab, Wealth.com and annuity.com. Broad incumbents are Morningstar and LIMRA. Greenwald Research is listed as an others. Luma Financial Technologies is listed as a direct peer.
Does Cannex Financial Exchanges have an API?
No public API is recorded for Cannex Financial Exchanges.
What industry is Cannex Financial Exchanges in?
Cannex Financial Exchanges's product category is Financial Data and Analytics — Annuity and Bank Product Pricing. Its primary akta.pro industry code is FSAFANAC, FX Electronic Trading Platforms (Spot/Forwards/Swaps). Its NAICS code is 5231 and its SIC code is 6200.