’It is a one stop shop and single point of truth for organisations if they want to understand a particular market,’ says chief executive
Defaqto – an independent financial product and market intelligence firm – is launching an updated version of its Matrix platform to support general insurers with Consumer Duty.
The new version, called Matrix 360, will be delivered in phases. The first will go live this year, while the second will be delivered in 2025.
Aimed at medium and large sized general insurers, the platform aims to help insurers benchmark product performance against the competition and help them capitalise on emerging opportunities.
The updated version will support product research, design, underwriting, marketing, distribution governance, as well as helping streamline Consumer Duty compliance.
Speaking to Insurance Times, John Milliken, chief executive at Defaqto, said: “It takes the whole game forward by a big degree. It is a one stop shop and single point of truth for organisations if they want to understand a particular market and how they are performing in that sector.
”Through the tool, you can link together and design what a perfect general insurance product might look like. We know,which components of insurance products are most relevant by particular segments and we can tell those providers where those products are deficient.”
All about data
The firm estimated that around 80% of the market currently uses Matrix, including motor and home insurers.
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When asked why the firm decided to update Matrix, Milliken explained that Defaqto had conducted research on the insurance industry last year, asking what requirements businesses wanted to see from the software application.
It revealed that 50% of providers were struggling with Consumer Duty measures and 67% said they were not confident in making decisions about propositions, service and conversion rates.
Milliken said: ”It is [a] key part of Consumer Duty, [firms] have got to be able to say that they are providing good value, the practical manifestation of regulation is benchmarking.”
He also hopes that Matrix 360 “becomes the single source of truth for firms who want next generation product creation across general insurance”.
Milliken added: “We are primarily a data business, so it is important that we stay current in terms of these sort of technologies.”
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