Latest financials from CDL show profitable growth;
Insurtech CDL has reported strong financial results for its year ending 30 September 2021, recording growth in both turnover and pre-tax profit. Revenue was £53.7 million, up from £52.7 million in the previous financial year, while pre-tax profit rose from £11.5 million to £15.1 million.
During the year, CDL added a number of major brands to its client base, including Co-op Insurance, RAC Insurance and British Gas, with whom it launched an innovative proactive insurance proposition, driving growth by cross-selling insurance lines.
It also saw growth within its existing customer base and completed high profile migrations to its AWS cloud-based insurer hosted pricing (IHP) solution for insurers, including Ageas Insurance. Underpinning its strong set of results, there continued to be major investment in innovation, with £10.5 million added to CDL’s Research & Development programme.
CDL’s CEO Nigel Phillips said: “We have continued to invest in market-leading cloud capabilities, migrating our global insurance ecosystem to become a highly resilient and high performing cloud-only operation. Demand for our data and digital platforms is high and we are delighted to have welcomed a number of major brands to the CDL community, in spite of the continuing challenges in the marketplace.
“Having proven our ecosystem at scale, we are also seeing strong interest from overseas and expect to accelerate our international growth in the coming period.”
During the year, it achieved the prestigious Amazon Web Services (AWS) Financial Services Competency, certifying that it demonstrated the highest level of specialisation, technical expertise and proven customer success for its Proteus insurer hosted pricing (IHP) solution. In other cloud milestones, it secured Amazon RDS Service Ready status for its Strata retail platform and the 100 AWS certifications badge, signalling the strength and depth of its cloud expertise.
2021 also saw CDL complete a number of new integrations, including with Willis Towers Watson’s Radar Live, the price delivery and decision engine platform, used to optimise pricing for insurance providers.
Crucially, it continued to invest in its workforce, and retained its Top Employer status for the fifth year running.
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