The platform will centralise all essential life insurance functions in one place. Credit: Munthita/Shutterstock.

Luma Financial Technologies, specialising in structured products and insurance solutions, has expanded into the life insurance domain.  

The company’s platform is said to be the first to offer an end-to-end solution that unifies life insurance and annuities. 

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With more than half of US adults holding life insurance, this solution is designed to support financial planning through a single platform and help financial professionals seamlessly manage life insurance and annuities across the complete investment cycle. 

The platform will centralise key life insurance functions, providing a comprehensive suite of resources including educational content, product quotes, illustrations and comparisons, electronic order entry and life cycle management to view a full book of life insurance business all in one place.  

Having simplified access to critical information, advisors can deliver service based on informed decisions while saving time through streamlined processes. 

Luma insurance products MD Jay Charles said: “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.” 

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Luma CEO and president Tim Bonacci 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.”