PriyaPatel
TLDR:
Key Points:
- CDL reported another year of growth with £59.5 million in turnover and £10 million in profit after tax.
- CDL is investing in AI research, cloud capabilities, and advanced technology tools for future expansion.
Summary of Latest Financials From CDL
The latest financial report from CDL highlights their strong growth in the year ending 30 September 2023. The company reported a turnover of £59.5 million, showing an increase from the previous year’s £55.7 million. Despite a slight dip in profit after tax to £10 million from £10.6 million, CDL continued to invest in future expansion, particularly in AI research. The company has allocated £11 million towards an R&D program, focusing on transitioning to an AI-first approach.
CDL’s CEO, Nigel Phillips, emphasized the importance of AI in transforming the insurance sector and enhancing consumer experiences. CDL has been actively investing in advanced cloud capabilities, leveraging Amazon Web Services to improve the performance, resilience, security, and scalability of its core systems. The insurtech has onboarded brands like AA Insurance and Sabre Insurance, with both transitioning to CDL’s Strata ecosystem and adopting advanced AI tools for pricing control.
Furthermore, CDL has launched new platforms for insurers and MGAs, including the Inspire Motor platform and supporting The Green Insurer in launching the UK’s first sustainable insurance proposition. The company’s focus on innovation and technological advancements demonstrates its commitment to driving efficiency gains and enhancing customer experiences.
