InsurTech 50 leader CDL reported £55.7 million turnover for FY22 – up from £53.7m a year earlier – as it moved to a cloud-only company.
For the year ending 30th September 2022, the Stockport-headquartered firm’s pre-tax profit was slightly down at £14.3m from £15.1m.
CDL migrated all customers on its Strata platform to Amazon Web Services hosting with a view to increasing the performance, resilience, security and scalability of its core systems. It also delivered SaaS-ready platforms, based on low-code and 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 2.2m 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 £11.2m 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.
“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,” said CDL CEO Nigel Phillips.
“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 was No.1 on our InsurTech 50 ranking and also won the Insurtech Award in the National Insurance Awards.