The latest news from CDL, who are continuing on their growth journey;
Insurtech CDL has reported another year of growth in the year ending 30 September 2023, recording £59.5 million turnover, up from £55.7 million in the previous financial year. Profit after tax stood at £10 million, dipping slightly from £10.6 million, as CDL continued to invest in future expansion, with an £11 million R&D programme.
This has been maintained through the current year, with artificial intelligence research featuring prominently, as CDL develops tooling and processes to transition to an AI-first approach. The insurtech has also continued to invest in advanced cloud capabilities, leveraging its use of Amazon Web Services (AWS) hosting and tools to increase the performance, resilience, security and scalability of its core systems and delivering SaaS-ready platforms for frictionless deployment.
CDL CEO, Nigel Phillips, said: “AI capabilities are accelerating at rapid pace, and we are excited to be at the forefront of transforming insurance through these technologies. Our high volume retail customer base will see the significant opportunities that AI will present for reimagining the consumer experience and driving transformational efficiency gains. We are seeing significant interest in these solutions and expect it to remain a major focus in the year ahead.”
Backing this, CDL cited the onboarding of brands such as AA Insurance and Sabre Insurance over the past year, both of which migrated to its Strata ecosystem as a retail solution, with the AA migrating circa 2 million policies to CDL. Meanwhile, Sabre also adopted CDL’s insurer hosted rating platform, Proteus, to enable more sophisticated pricing control, including use of AI and machine learning.
There was continued roll-out of CDL’s new platform for insurers and MGAs, with deployments including Inspire Motor (formerly CPD Underwriting), and the insurtech also supported The Green Insurer to launch the UK’s first sustainable insurance proposition, whereby environmentally conscious driving earns policyholders more favourable renewal premiums whilst offsetting their carbon footprint.
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