Defaqto has broadened its Matrix 360 market intelligence platform to cover wealth management and protection, allowing providers to compare products, assess competitors and monitor developments across both sectors.
The expansion follows the introduction of banking data earlier this year and extends a platform already used in the UK general insurance market by companies including Zurich and AXA.
Wealth and protection providers can now use Matrix 360 to benchmark their propositions against competitors, identify potential gaps in the market and monitor changes to individual products and features.
The platform draws on Defaqto’s financial product database, which covers more than 45,000 financial products and funds and four million product features across general insurance, life and protection, retail banking and wealth management.
PRODUCT COMPARISON AND COMPETITOR MONITORING
Matrix 360 combines product information with interactive dashboards, comparison tools, alerts and reporting functions. These allow users to follow product launches, withdrawals and changes to existing propositions.
The service is intended for product development and proposition teams, as well as staff working in market intelligence, research, commercial operations and distribution.
According to Defaqto, early applications of the expanded platform have included comparing new propositions against competing wealth platforms and producing competitor analysis for internal reporting.
Michael Piddock, interim chief executive officer at Defaqto, said: “Wealth and protection teams have access to a huge amount of market information. 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.”
The development also brings together information intended to help providers understand their position in the market alongside the products and features available to financial advisers.
Carly Bewick, head of customer success at Defaqto, said: “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.”
Bewick will discuss the use of market intelligence in wealth and protection proposition development during a free Defaqto webinar on 29 October, entitled “Market. Adviser. Provider. Three perspectives on your wealth and protection proposition”.
The session will examine how providers can use the additional data to assess their competitive position and inform product decisions.
Matrix 360 is now available to wealth and protection providers, with Defaqto continuing to update the underlying product database.
