Managers of the Envestnet Insurance Exchange have added annuities from Jackson National Life Insurance Company to the exchange menu.
Jackson says it will offer all of its advisory annuities through the exchange. That includes the Perspective Advisory II, Elite Access Advisory and MarketProtector Advisory contracts.
(Related: Allianz Life Joins Envestnet Platform)
Allianz Life Insurance Company of North America and Global Atlantic Financial Group have already agreed to offer annuities through the exchange.
Jackson — a unit of Prudential P.L.C. of London — had the biggest share of U.S. annuity considerations in the United States in 2017, with $19 billion in direct premiums and a 7.6% market share, according to the National Association of Insurance Commissioners.
Jackson, Allianz Life and Global Atlantic had a combined share of about 13% of 2017 U.S. annuity considerations.
Envestnet is a Chicago-based financial tech company. The company’s exchange offers variable, fixed, indexed, contingent-deferred and private placement annuities.
Jackson says it believes selling the advisory annuities through an exchange will help it provide consumers and advisors with a more modern user experience.