Based out of Paris, Alan is a digital health insurance platform that offers insurance services by focusing on a price-quality ratio health plan.
Recently, the French startup has reached unicorn status after raising €185M in a Series D funding round. The round valued the company at €1.4B.
Who led the round?
The round was led by Coatue, along with Dragoneer, Exor, and existing investors Index Ventures, Ribbit Capital, and Temasek. The funding round comes after the raised $54.4M (approx €45M) from Temasek and Index Ventures in April 2020.
Philippe Laffont, the founder of Coatue, says, “With their people-centric approach, Alan delivers better care for patients at a lower cost for the healthcare system. We are proud to support their vision of building the healthcare super-app.”
Europe’s first digitally native health insurer
Alan was founded in 2016 by Jean-Charles Samuelian and Charles Gorintin. According to the company, it was Europe’s first digitally native health insurer and was the first company to be granted a French insurance license since 1986.
Since then, the company has doubled its user base to 155K and aims to reach 1M members in Europe by 2023. Notably, Alan surpassed €100M in annualised revenue as well.
The health insurance company plans to deploy funds to accelerate its growth plans. At present, the company employs around 350 people but aims to hire 400 new staff across Europe by the end of 2023.
It will also grow its international teams from 30 to 140 and expects to reach profitability in its home market of France by 2023-end.
Alan provides health insurance plans to companies of all sizes – from startups to large enterprises. It also combines its health insurance offering with access to personalised health care information, proactive care, care delivery, payment, and post-care.
Aims to offer better experience in its main markets
The company claims to offer a better experience than its considerably higher peers. Around 9,400 companies have opted for Alan in France, Belgium, and Spain, including clients like WeWork, Deliveroo, JustEat, Vitaliance, and Big Mamma.
For the French companies, Alan will invest in increased automation of HR routine tasks such as Employee affiliation to the health & “prévoyance” insurances, payroll update & work stoppage management.
In Belgium, the company plans to enhance medical chat and psychological hotline services to provide personalised answers to members’ health concerns.
In Spain, Alan can already book appointments for the user. However, the company plans to invest in medical concierge services. Its goal for 2021 is to keep focusing on Spain and Belgium, building the right foundations and learning there in order to be able to launch quickly when it identifies new countries.
Personal care guidance
Furthermore, Alan plans to launch Personal care guidance to help people contact the right healthcare professional based on health issues. The company is also working on direct-to-consumer products in Parenting (Alan Baby) and Mental Health.
Jean-Charles Samuelian-Werve, co-founder and CEO of Alan, notes, “In a post-pandemic world, our role as a trusted partner will be to re-engage individuals with the healthcare system. For us, this means being; personalised and tailored to each person’s needs, able to offer the best price possible and relieving financial stress, incredibly fast at delivering accurate answers on health and wellbeing, and proactive when providing decisive medical guidance to everyone.”