Insurance Times Awards 2024: Defaqto offers ‘unique’ level of detail on consumer purchasing behaviour

1. Why did you put yourselves forward for the Excellence in Technology – Data Focused Service Provider award?

Defaqto provides Matrix, the flagship tool for the UK’s general insurance market, housing data on over 27,000 products, 10,000 of which are Defaqto star rated.

The customer appeal component launched last year is one of our latest innovations. It is incorporated in the powerful new Matrix 360 proposition, which is the only place where providers can understand what’s changing in the market, what’s driving those changes and how they should respond to stay ahead of the competition.

Customer appeal shows providers which element of an insurance product are most important to consumers based on their demographic and personal circumstances.

2. What do you think makes your entry stand out and why should you win the award?

This level of detail on consumer purchasing behaviour data is unique in the market and offers providers a new depth of understanding about what features are most important to customers when buying insurance so they can tailor products accordingly.

Customer appeal provides dynamic product benchmarking, supports product governance and informs smarter product development. Providers are using the data to demonstrate their products are relevant and suitable for their customers, aiding compliance with Consumer Duty.

The UK’s top 10 car and top 10 home insurance providers are among 100 brands referencing customer appeal, generating over 4,000 custom reports every month.

3. What would winning this award mean to you and your firm?

We recognise that the general insurance market is increasingly challenging. Our continual investment in our data and technology has a clear objective – to help providers navigate this complex landscape.

Our team marked Defaqto’s 30^th anniversary earlier this year and over the past three decades we’ve become the provider of the largest insurance database with innovative tools that help people make smarter financial decisions.

This shortlisting recognises the strength of our ongoing innovation, the trust of our customers and that we continue to help raise the standard of general insurance products. Winning would be the icing on the birthday cake!