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Alan - 2024 Q1 Letter to Shareholders

Alan - 2024 Q1 Letter to Shareholders
Jean-Charles Samuelian
Jean-Charles SamuelianCEO
Updated on
3 May 2024
Jean-Charles Samuelian
Jean-Charles SamuelianCEO
Updated on
3 May 2024
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Dear Alan friends and investors,

I am extremely proud and happy about what we’ve achieved this first Quarter of 2024, and the excellent path we are taking this beginning of the year. I believe it is our best quarter ever. 

As a reminder, we have set ourselves an extremely ambitious plan in terms of top line growth. In 2024, we aim to significantly reaccelerate growth vs. 2023 (which was already strong at +38%!) while reducing our burn rate on the path to profitability. We are currently putting everything in place to achieve this.

1️⃣ A strong business performance, showing strong year over year acceleration

We delivered a strong Q1, showing a significant acceleration in growth vs. last year, with ~30% growth year on year for our member base (516k members) and signed annual recurring revenue (€364m). 

We built a strong pipeline of opportunities, with a significant acceleration at the top of the funnel compared to last year (+73% versus last year on sales opportunities in France). It puts us in a good position to reach our annual objectives. 

In Q1, we also had meaningful wins such as Intersport (up to 18.000 employees) or Axereal.

We managed to achieve this growth performance while keeping operating expenses at similar levels as last year, testimony of a significant improvement in operational efficiency.   

Our 2024 health and gross margins have also improved vs. last year. We expect even better performance over the year and we are pushing many levers to control cost of claims thanks to innovation and care verticalization. 

This places us on track to meet the very ambitious targets we've set for the year, thanks to the amazing work of the team on several fronts. 

Key financial results Q1 2024
Key financial results Q1 2024

2️⃣ Product & engagement

We are extremely proud of what we have achieved in terms of product development this quarter. We are going faster, iterating a lot, and developing amazing products for our members. 

As a result, our NPS metrics are trending back up:

  • Member NPS is at 68 (+6 pts vs Nov 2023)

  • Customer NPS is at 54 (+6pts vs Nov 2023)

In insurance, we have successfully rolled out Tailored Offers at scale, significantly gaining flexibility for our customers. All of our products and pricing are now specifically designed to meet the unique needs of a company, regardless of its size. This approach allows for adapting the price and product to the risk profile and requirements of each company, enhancing the alignment of coverage with the company specific circumstances, and to gain higher competitiveness and better margins. 

Our efforts to develop a new version of the mobile application and enhance user engagement are already showing great results.

Thanks to our new app navigation, and a revised approach to our members' in-app, we’ve had our biggest gain in member adoption ever in Q1 2024. Now standing at ~8% of members (+35% QoQ) having used a health service in the quarter (back pain program, found a HP on Alan Map and visited them, chat with an Alan Health Professional, etc).

On back pain, we have already received amazing feedback on our 14-day program with 60 different exercises that combines physio digital interactions, personalization thanks to AI, gamification and a lot of fun ideas. 

Clear reached 7% market share for glasses (vs 5.2% in Q4) and Alan branded glasses collection represents 20% of orders since launch.

These initiatives will continue to solidify Alan's position as the best health partner with the most engaged members.  This commitment will also allow us to increasingly act on the cost of claims and thus on the margin.  

In Spain, we launched Healthy benefits. We now offer health insurance, meal vouchers, transportation vouchers, and nursery in one single platform, allowing us to nudge members towards healthy choices on those topics. 

3️⃣ Leadership in artificial intelligence

We also continue to massively invest in artificial intelligence at all levels of the company, both in our product and impacting how we work.

For example, it is already saving our salespeople over 30 minutes per meeting. We see performance gains that will only accelerate and set us apart. Alan's position is helping us to attract and retain top talent every day, by being at the forefront of innovation. This is quite unique in the market, and enticing for famously hard to hire profiles.

Finally, we are rolling out the use of AI across all products (prevention, clinic, customer care) with many announcements to come!

4️⃣ Team

We continue to maintain an extremely high talent density within the team, to ensure we have the best people in each position. We are very happy with the decision of  ramping up Mihaela Albu as our CFO. She is doing an exceptional job. 

Unfortunately, Cedric De Vleeschauwer, who was the General Manager of Belgium, will step-down due to family health issues. We are extremely grateful for what he built. Sebastien Fredeau is taking the role with his unique experience in international operations, new services and Enterprise go-to-market. 

5️⃣ What’s ahead 

What is crystal clear to us (and clearer every day that passes by) is that our integrated model of bundling insurance, prevention, and access to care is the model that will prevail in the short, medium, and long term. It's the only one that can generate a trillion-dollar company in the health sector.

We continue to focus on the levers that make our model successful:

  • More services that increase engagement within our integrate experience

  • Communicate well about it to express value

  • Verticalize care and leverage engagement to reduce cost of claims

  • Have the most competitive pricing with the higher margins

  • Grow faster and increase operating leverage

A lot of surprises and announcements are going to come in Q2, stay tuned! 

Thank you for your ongoing support to create a healthier humanity! 


Published on 03/05/2024

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