With its 700,000 customers, Alan could be considered a mature company. But the health insurance company that wants to become a digital companion for your health is still growing like a startup.
On Wednesday the company shared some financial metrics. The most impressive is his top revenue. In 2024, the company generated $ 505 million revenue (about $ 525 at the exchange rate of today).
But comparing Alan with a normal technological startup can be difficult as the startup is an insurance company. It offers a health insurance product that completes the national health system in France, Spain, Belgium and soon in Canada.
“The model remains the same: we aim for a request-premium ratio of Breakeven, with an associative fee from 12% to 14%,” said the co-founder and CEO of Alan Jean-Charles Samuilian-Werve in a press conference. In other words, the vast majority of Alan revenue could be considered insurance premiums, with Alan who has conquered a cut of 12 to 14% for further services and management commissions.
If you want to compare Alan with a software company as a service, a bit of back-off calculation of back-trahe-wevelope would classify Alan as a startup with € 60 million to € 70 million recurring annual revenues (from $ 62 to $ 73 million ).
However, the startup – evaluated at $ 4.5 billion – is still losing money. In 2024, Alan recorded a net loss of 54 million euros compared to 59 million euros in 2023 (respectively $ 56 million and 61 million).
“We confirm the goal that we announced last year to achieve profitability by 2026,” said the financial director of Alan Mihaela Albu.
While the company is not yet making a profit, the good news is that its distribution strategy is reduced. The Alan team grew only 8% in 2024 and the sales team is more or less stable.
In France, the company has won offers for government operators. In Belgium, he signed a strategic partnership with Bellfus, the second largest bank and insurance company in the country. Belfus is now an investor in Alan and will distribute Alan’s products to his customers.
Stop the health insurance market with AI
Just like last year, artificial intelligence arrived quite often during the press conference. Ludovic Bauplé, Alan’s Chief Revenue Officer, said that the sales team has increased its results by about 50% thanks to the use of artificial intelligence in the sales process.
“On an operating level, we were able to cut customer service costs. From the point of view of the product, we have accelerated our production of code and the way we perform the unitary tests, “said Samuilian-Warve.” In marketing, in reality it is quite surprising what we have accelerated the production of resources and videos, reducing costs by increasing quality and performance considerably. “
Subsequently, Alan plans to increase the total revenues of another 40% in 2025 compared to 2024. The company should reach 1 million final customers at the beginning of 2026. And, of course, there will be more automation with 40% of the requests for customer support that should be managed without any manual input by the end of the year.
The company also used Wednesday’s press conference as an opportunity to announce its health insurance offers for retirees in France. According to the company, there are 750,000 new pensioners in France every year. So this will help when it comes to growth.
