LONDON (ShareCast) - (Sharecast News) - Fintech service provider Fintel announced on Thursday that Defaqto, its market intelligence subsidiary, has secured six initial contracts for its newly-launched Matrix 360 software.
The AIM-traded firm said the cloud-based platform provides insurers with a dynamic view of the market, enabling them to optimise product portfolios and comply with regulations like Consumer Duty.

It said leading insurers including Zurich, RAC, Frontier, NFU Mutual, and Policy Expert were among the early adopters of Matrix 360.

Built on Defaqto's financial product database, Fintel explained that the software leverages advanced technology to enhance the existing Matrix platform, which already served more than 80% of the UK's general insurance market.

Fintel said it expected Matrix 360 to drive organic revenue growth by attracting new customers and transitioning existing users to the upgraded platform.

"Defaqto Matrix 360 is an industry-first, game changing tool that helps our partners make smarter product decisions through a single source of market intelligence and without the requirement of specialist skills in data science and AI," said John Milliken, chief executive officer of Defaqto.

"Integrating the UK's leading product ratings and insurance database with intelligent, predictive analytic tools, it's the only place to get the bigger picture.

"We can help our customers to make smarter financial decisions - identifying new revenue sources, increasing efficiency by focusing resources on areas that are most valued by their customers, and improving compliance and their ability to demonstrate it."

Milliken described the development as "the first proof point" from Fintel's "extensive investment" in a new generation of data products.

"There is much more to come, including the extension of Matrix 360 from the general insurance market to banking, wealth and protection."

At 1338 GMT, shares in Fintel were down 2.26% at 260p.

Reporting by Josh White for Sharecast.com.

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