LONDON - Fintel PLC (AIM: FNTL), a prominent fintech and support services provider, has announced securing six inaugural contracts for its Matrix 360 software. The new partnerships include notable industry names such as Zurich, RAC, Frontier, NFU Mutual, and Policy Expert, marking a significant step for the company's market intelligence tool.
Matrix 360, developed by Defaqto—a trusted source of financial product and market intelligence in the UK—offers insurers a dynamic and comprehensive view of the insurance market. The software is designed to assist insurers in optimizing their product portfolios and market positioning, with additional support in areas such as Consumer Duty compliance.
Defaqto's Matrix 360, an evolution of their existing Matrix software, is expected to drive organic revenue growth for Fintel by attracting new customers and transitioning existing users to the upgraded platform. Over 80% of the UK's general insurance industry is already supported by the original Matrix software.
The Matrix 360 tool is supported by Defaqto's extensive financial product database, the largest in the UK, which is updated daily and covers over 45,000 financial products and funds, along with 4 million product features.
Angelique Chard, Head of Product and Distribution at Frontier Insurance, praised Matrix 360 for its real-time data, automated reporting, and intuitive design, which she said enhances the efficiency and effectiveness of their product oversight.
Defaqto CEO John Milliken highlighted the significance of Matrix 360 as an industry-leading tool that consolidates market intelligence without requiring specialized skills in data science and AI. Milliken also hinted at future developments, including extending Matrix 360's capabilities beyond general insurance to banking, wealth, and protection sectors.
This development is part of Fintel's broader investment in a new generation of data products, aimed at empowering smarter financial decision-making and improving compliance for its customers. The announcement is based on a press release statement and is not considered to have a significant impact on the company's performance expectations.
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