Matrix 360 to deliver an unrivalled level of market insight to insurers

Defaqto, one of the UK’s most trusted sources of financial product and market intelligence, has today announced an industry first development that will enable insurers to access the most complete picture of products on the market, more clearly than ever before.

Due to be released in phased updates through 2024 and 2025, Defaqto Matrix 360 will bring together for the first time all relevant industry data sources including product, functionality, price, service, claims, consumer feedback, marketing, sales, and macro data. 

Aiding product development and compliance, the insights will be made available to insurers through new state-of-the-art technology and functionality spanning modelling, simulation, next best action, data visualisation, reporting and alerting. 

Already supporting over 80% of the UK’s general insurance industry to optimise their market propositions, Defaqto provides analysis and insight on the most comprehensive single source of product and feature data.

The expanded Matrix 360 data visualisation and workflows will supersede Defaqto Matrix and has been conceived in close conjunction with the industry, including consultation with over 400 UK general insurance professionals. This identified the need for insurers to make smart, well-informed product optimisation decisions, quickly and without the requirement of specialist skills in data science and AI.

Providing more insight from a greater number of data points, the new offering will enable insurers to better benchmark their product performance against the competition and help them to understand what is happening in the industry, why it is happening, and how they can capitalise on emerging opportunities. It will support product research, design, underwriting, marketing, distribution, and governance, including helping to streamline Consumer Duty compliance. Matrix 360 will also incorporate Defaqto’s recently launched GI Customer Experience Insights dataset which reveals provider-by-provider the true experience of 14,500 UK insurance customers.

John Milliken, Defaqto CEO commented:

“We recognise that the general insurance market is increasingly challenging. Our multi-million-pound investment in our data and technology has a clear objective: to help providers navigate this complex landscape. 

“Providers require data to drive decisions, fast. Defaqto Matrix 360 is the only place for insurers to understand what is changing in the market, why these changes are happening, and how they should respond.”

According to Defaqto research conducted last year, two-thirds (67%) of industry professionals said they are not confidently making decisions about propositions, service, and conversion rates. Furthermore, 65% of providers said their processes to monitor market trends and competitors are inefficient. 50% of providers said they are struggling with key Consumer Duty measures.

John Milliken added:

​​​​​​​“By combining the latest technology with the most comprehensive market data ever compiled, we can help providers to address many of their most pertinent challenges. They can make smarter financial decisions – identifying new revenue sources, increasing efficiency by focusing resources on areas that are most valued by their customers, and improving compliance and their ability to demonstrate it.”

Defaqto Matrix 360 features are set to be released in a phased approach this year and next and will be underpinned by Defaqto’s financial product database – 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.

For more information visit defaqto.com/matrix360