Fintel's Defaqto launches Matrix 360 with 6 major partners, driving market intelligence expansion
() , a provider of fintech and support services to the UK financial sector, announced six new Defaqto Matrix 360 partnerships following the release of the market intelligence software. Defaqto is Fintel's fintech and research division, and Matrix 360 is an enhancement of its market and competitor intelligence software Defaqto Matrix.
Following investment in developing the technology across 2022-24, the enhancement builds on Defaqto's existing Matrix software, which supports 80% of the UK's general insurance industry. Fintel customers Zurich, RAC, Frontier, NFU Mutual and Policy Expert (QMetric Group) will be among the first users of the Matrix 360 software.
Matrix 360 is underpinned by Defaqto's financial product database, which is the largest in the UK, covering general insurance, life and protection, retail banking, and wealth management. Updated daily, the database covers more than 45,000 financial products and funds and 4 million product features.
John Milliken, Defaqto CEO, commenting: "Defaqto Matrix 360 is an industry first, game changing tool that helps our partners make smarter product decisions through a single source of market intelligence and without the requirement of specialist skills in data science and AI.
Integrating the UK's leading product ratings and insurance database with intelligent, predictive analytic tools, it's the only place to get the bigger picture."
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Fintel's Defacto signs the first 6 contracts for the enhanced version of its market-leading Matrix intelligence software. Defaqto is 's fintech and research division, a major financial product and market intelligence provider whose Matrix software already supports 80% of the UK's general insurance sector.
Matrix 360 aims to boost that market share beyond insurance, bolstering Fintel's organic revenue growth. In addition to the early adopters announced today, has a robust pipeline of future partnerships, and a strategy to boost Defaqto's customer acquisition via Matrix 360 while transitioning existing users to the enhanced software.
Matrix 360 uses Defaqto's vast financial product database, which is the largest in the UK, covering multiple sectors centered on financial services and insurance. The enhanced software provides a dynamic, comprehensive view of the market, enabling customers to continuously iterate and optimise their product portfolios and market positioning, while also providing support in areas such as consumer duty compliance.
A spokesperson for Frontier Insurance, one of the early adopters, summed up the product: "Matrix 360 provides real-time data and automated reporting, enhancing our efficiency and effectiveness. Its intuitive design and enhanced visualisations help us quickly derive meaningful insights and identify trends. The tailored reports help us to demonstrate fair value and to benchmark our products against market standards. Our product oversight is now more efficient and impactful, supporting our commitment to providing transparent, customer-centric insurance policies."
Matrix 360 is the first proof point from Fintel's extensive investment in a new generation of data products. Looking ahead, investors can expect more product launches, including the extension of Matrix 360 from the general insurance market to banking, wealth and protection.
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