Insurtech CDL has reported solid trading for the year ending 30 September 2022, recording £55.7 million turnover, from £53.7 million in the previous financial year, while pre-tax profit was slightly down, at £14.3 million, from £15.1 million.
It was a pivotal year for CDL’s transition to a cloud-only company, migrating all Strata customers to Amazon Web Services (AWS) hosting to increase the performance, resilience, security and scalability of its core systems. It also delivered SaaS-ready platforms, based on low code / no code technology, for simpler, faster deployment.
New customer engagements included AA Insurance, which went live on CDL Strata in spring 2023, with a phased programme to migrate its 2.2 million policies to CDL. Other new clients included GoShorty, Collingwood and Carrot Insurance, and CDL has continued to support and develop opportunities with existing customer brands, including Darwin, RAC Insurance and the Atlanta Group, which includes Swinton Insurance.
In technology news, CDL added £11.2 million to its R&D programme, investing in its cloud ecosystem, Strata platform, as well as launching a new platform for insurers and MGAs with Pukka Services Group, part of Freedom Services Group. Pukka also deployed CDL’s Proteus insurer hosted pricing hub to give it full control of pricing and mass market distribution.
CDL CEO Nigel Phillips said: “The figures reflect a strong commercial performance at the same time as continuing to build upon our ecosystem, which incurred higher expenditure, including dual running costs as we transitioned to cloud-only. We expect this to enable us to fuel accelerated growth in the year ahead, as well as anticipating reduced overheads as we complete the transition. Importantly, our investment in cloud services creates a blueprint for our international expansion.”
CDL secured a number of awards during the year, ranking as number one in the Insurtech 50 listing of the UK’s most innovative tech companies, up from number 28 in 2021, and winning the Insurtech Award in the National Insurance Awards; it was also Highly Commended in the UK Customers Service Excellence Awards for ‘Fight against Fraud’ with its Hummingbird syndicated solution to tackle application fraud. In compliance standards, it achieved the SOC 2 Type II certification for cloud-only services, indicating the highest levels of security and availability.
CDL continued to invest in its people, retaining its Top Employer status for the sixth year running, as well as investing in environmental, sustainability and governance (ESG) initiatives, including increasing its financial donations to local causes by 35%.
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