Growth continues at insurance software house CDL, which has reported annual turnover of £52.6 million for the 12-month period to 30 September 2017, up 11% from £47.2 million in the previous financial year.
Pre-tax profits are also up to £8.3 million, from £7.4 million in 2016. The continued growth in revenues follows the company’s sustained investment in innovation and infrastructure.
CDL’s InsurTech Incubator, which allocates resources to support start-up ideas and accelerate the development of new technologies to revolutionise the insurance sector, was launched during the financial year. Most recently, this led to the launch of the company’s ‘proactive insurance’ concept, which re-envisages the way individuals buy and manage their portfolio of insurance products through the Chorus mobile platform.
The technology firm also completed the latest development phase at its technology campus on Kings Reach Road, with the opening of its newly-built ServiceWorks, housing CDL’s dedicated customer service teams.
The year saw the growth of CDL’s customer base, with more high-volume retailers launching on its flagship Strata platform, as well as high-profile start-ups. There was also ongoing up-take of CDL’s powerful Hummingbird data intelligence solution, which was shortlisted, in conjunction with iGO4, in the Insurance Fraud Awards.
In addition to continued investment in innovation and infrastructure, CDL maintained its commitment to job creation and skills development. This included supporting the next generation of computer programmers by recruiting the first intake of apprentices on the new ‘Digital and Technology Degree’, launched with Manchester Metropolitan University. There was ringing endorsement of the company’s employment practices as it retained its Top Employers certification, making it officially one of the best places to work in the UK for a second consecutive year.
CDL Commercial Director, Nigel Phillips, said:
“These strong financial results are evidence that our strategy of investing for the future is working. This has been seen in continued demand for our insurer and retailer solutions, together with growing interest in new services and InsurTech propositions. Continuing with this strategy will ensure sustainable future growth as we forge ahead to increase our share of the insurance retail market.”
CDL is one of the UK’s leading insurance software houses, employing over 650 people at its campus in Stockport. It has a strong track record in the high volume retail insurance sector, with clients including Ageas Retail, iGO4, Swinton Insurance and Tesco Bank. CDL has spearheaded developments in the aggregator, web and telematics space, including connected home, enrichment and self-service solutions.