Defaqto has expanded its Matrix 360 market intelligence platform into wealth and protection.
It said the move will give providers a new way to benchmark propositions, monitor competitors and track changes across their market.
It said Matrix 360 is already used across the UK insurance market by providers including Zurich and AXA. The platform was expanded into banking earlier this year.
Matrix 360 combines Defaqto’s financial product data with interactive dashboards, comparison tools, alerts and reporting.
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.
That includes tracking changes such as product launches, withdrawals and individual feature updates.
Michael Piddock, interim CEO 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 clearer way to understand where their proposition sits, how competitors are changing and where there may be gaps in the market.”
Matrix 360 is now available to wealth and protection providers. The platform was launched by Defaqto in March 2024 to supersede the firm's existing Defaqto Matrix platform.
Defaqto is part of Fintech and adviser support services firm Fintel. Fintel owns a number of UK fintech and support businesses including Simplybiz and Threesixty, as well as Defaqto. Last month it reported profits has climbed 11.2% to £11.8m in the six months to 30 June.
In January Fintel spent £11m to buy Pearson Ham Group’s market pricing business.
Last month Matt Timmins, CEO of Fintel, said the acquisition and integration of Pearson Ham's market pricing business “enhanced our market intelligence capabilities and supported the continued rollout of our Market intelligence platform (Matrix 360).”