Guardian to Make Guaranteed Income Annuity Products Available Through CANNEX Exchange
SPRINGFIELD, Mass., March 17, 2011 /PRNewswire/ -- The Guardian Insurance & Annuity Company, Inc., a wholly-owned subsidiary of The Guardian Life Insurance Company of America (Guardian), will make the new Guardian Guaranteed Income Annuity(SM) available through the CANNEX Single Premium Immediate Annuity (SPIA) Exchange, which enables financial institutions as well as more than 150,000 financial services professionals to comparison shop for income annuities, CANNEX announced today.
"We're extremely pleased to have Guardian tap into the power of the exchange and give financial professionals and their clients additional options for managing retirement income," said Gary Baker, who heads CANNEX's U.S. business. "By using the CANNEX exchange, financial advisors can receive real-time comparative payout results from high quality income annuity providers such as Guardian and help their clients make better decisions in supporting their cash flow needs."
With its data and calculations, CANNEX supports a variety of financial service providers in both the institutional and retail markets including on-line services, planning & educational tools providers, as well as advisory firms. In the case of income annuities, CANNEX maintains the actuarial calculations of each carrier on its platform so that an advisor can get instantaneous access to client-specific income annuity rates in alignment with the clients needs. Financial professionals also have access to product illustrations and educational tools that are linked to the specific results generated by the exchange.
"The CANNEX exchange is a convenient, efficient way for us to provide financial services professionals with access to Guardian's annuity products," said Douglas Dubitsky, vice president of Product Management for the Retirement Solutions division of Guardian. "Ultimately, we're looking to make it as easy as possible for financial professionals and their clients to make informed decisions about the best retirement income products for their particular circumstances, and the CANNEX exchange helps us do that."
For more information about the CANNEX exchange, visit www.cannex.com.
About CANNEX
CANNEX Financial Exchanges Ltd. is an independent and privately held company that provides data and information services to the financial services industries in the U.S. and Canada. CANNEX compiles data and calculations about a variety of financial products and makes that information available to financial service providers, including the media, through a central exchange. In the U.S., the Retirement Income Product Exchange (RIPE)TM is a service through which financial advisors can obtain comparative pricing and data about fixed deferred and immediate annuity products from across the industry. The service also includes tools and educational material that helps position guarantees as an integral part of a client's retirement portfolio. The CANNEX SPIA Exchange is a part of the RIPE service.
The Guardian Income Annuity is issued by The Guardian Insurance & Annuity Company, Inc. (GIAC) a Delaware corporation whose principal place of business is 7 Hanover Square, New York, NY. 10004. (800) 221-3253.
GIAC is a wholly owned subsidiary of The Guardian Life Insurance Company of America.
Contacts: |
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Madison Communications |
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Patrick Collins, 617-553-0349 |
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Kathleen Gilroy, 978-358-7282 |
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SOURCE CANNEX Financial Exchanges Ltd.
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