The full year results are in line with the insurtech’s performance for the year ending September 2019, when it recorded a £52.9m turnover
Insurtech CDL has reported a £52.7m turnover for the 12-month period ending 30 September 2020, as well as £11.5m in pre-tax profits.
CDL’s chief executive Nigel Phillips said: “The past year has demonstrated the primary importance of digital transformation - here at CDL, we have created the blueprint for our global insurance ecosystem.
”We have continued to deliver our best of breed, cloud-based data and digital platforms at pace, working with the UK’s largest insurance retailers and most trusted household brands, including LV= Broker, GoCompare and iGO4 Insurance.
“We have embarked on the first of many international deployments and engagements and are set for another breakthrough year.
”Marketplace feedback tells us that the appetite for our data, digital and fintech platforms is accelerating and our focus is on meeting this demand through the delivery of our ecosystem, which transforms consumer experience whilst driving growth and efficiency for our partners.”
The company invested £13.5m in research and development (R&D) last year as part of its continuing commitment to creating a transformational cloud ecosystem for data insights, product personalisation and consumer engagement.
It also established CDL Fintech (Europe) Limited as an Irish subsidiary to support its global expansion.
Phillips added: “The combination of our proven track record and strategic vision, aligned with our partners and backed by significant investment in R&D, makes CDL uniquely positioned to deliver our ambitious global growth.”
Last year saw increased sector demand for CDL’s cloud platforms, according to Phillips.
The business additionally deployed its Amazon Web Services-hosted insurer rating solution for LV= Broker and Integra Insurance, as well as worked with its customers to accelerate their digitisation plans to transition contact centre operations for remote workers and prepare for incoming regulation.
Last year’s full year financial results are in line with CDL’s performance in the 12 months to September 2019, when it recorded a £52.9m turnover and £5.3m in pre-tax profits.
The insurtech said that the jump in pre-tax profits in 2020 was due to the business capitalising on its software development, which included a change in accounting practice to bring the firm in line with international accounting standards.
This subsequently increased intangible assets by £7.3m and reduced operating expenses by the same amount.
Last year also brought global recognition for CDL’s cloud capabilities, including achieving Advanced Technology Partner status in the Amazon Web Services (AWS) Partner Network (APN) – the highest partner tier for technology partners in the APN.
The insurtech has also earned its place in the government’s G-Cloud 12 framework, which is the first port of call for government organisations looking for a cloud supplier.