"Matrix 360 gives providers a much clearer way to understand where their proposition sits."
- Michael Piddock - Defaqto
Defaqto has announced the expansion of its Matrix 360 market intelligence platform into the wealth and protection market.
The platform is designed to support product and proposition teams with benchmarking and proposition development, while giving market intelligence, research, commercial and distribution teams a more accessible view of competitive activity.
This includes tracking changes such as product launches, withdrawals and individual feature updates.
Matrix 360 combines Defaqto’s financial product data with interactive dashboards, comparison tools, alerts and reporting. Early use of the expanded platform has included comparing a new proposition with other platforms in the market, as well as supporting competitor analysis and internal reporting.
Matrix 360 is already used across the UK insurance market by providers including Zurich and AXA, and is underpinned by Defaqto’s financial product database, covering general insurance, life and protection, retail banking and wealth management.
The database is updated regularly and contains over 45,000 financial products and funds and four million product features.
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Carly Bewick, head of customer success at Defaqto, will discuss the expansion in the upcoming webinar, 'Market. Adviser. Provider. Three perspectives on your wealth and protection proposition', on 29th October.
"Wealth and protection teams have access to a huge amount of market information," Michael Piddock, interim CEO at Defaqto, said. "The challenge is bringing it together consistently and getting something useful from the data quickly.
"Matrix 360 gives providers a much clearer way to understand where their proposition sits, how competitors are changing and where there may be gaps in the market."
Carly Bewick added: "Having access to the right data is only part of the picture. Providers also need to understand what advisers are comparing, how their propositions measure up and where they have opportunities to stand out.
"Bringing these perspectives together can help teams make more informed decisions about product development and positioning."
