Luma expands into life insurance in wealth tech industry first

Luma Financial Technologies, the global wealthtech solutions provider catering to broker-dealers, RIAs, and private banks worldwide, is expanding the opportunity for advisors opportunity to do holistic planning for their clients with an industry-leading initiative.

Luma has announced the expansion of its platform to include life insurance, offering what it describes as the first fully integrated solution for managing both life insurance and annuities.

Building on its annuity data and management capabilities – which it's enhanced this year via a partnership with Pershing in April and another alliance with annuity data firm Cannex in May – Luma aims to provide financial advisors with a streamlined, end-to-end platform to support comprehensive client planning.

With the latest update, the platform now includes features such as educational resources, product quotes, illustrations, comparisons, electronic order entry, and a lifecycle management tool to oversee all life insurance business. By centralizing these functions, Luma seeks to enhance transparency, efficiency, and ease of use for a product that's traditionally presented somewhat of a challenge for advisors.

“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,” Tim Bonacci, president and CEO of Luma Financial Technologies, said in a statement Thursday. “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.”

The company highlights the growing need for a platform that integrates life insurance and annuities, pointing to data suggesting that more than half of US adults currently hold life insurance. By combining these offerings, Luma aims to help advisors align their clients’ financial objectives across their investment lifecycles.

“As demand grows for a unified approach to managing both annuities and life insurance, Luma is rising to the occasion,” said Jay Charles, managing director of insurance products at Luma Financial Technologies. “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.”