Alan - 2024 Q3 Letter to Shareholders

Dear Community,

As we continue to craft Alan’s most extraordinary year since its beginning in 2016, I am thrilled to share that Q3 has been another quarter driving great successes. 

We have strong momentum on a few key highlights: 

We now have more than 680,000 signed members across 30,000+ companies of all sizes in France, Belgium, Spain and soon, Canada.

We wrapped up Q2 with a fantastic victory on the "Ministère de la Transition écologique" RFP, and our Q3 results have kept our momentum strong. 

In France, our relentless efforts in the public sector are paying off. In Q3, we signed the “Services du Premier Ministre,” adding 9,000 members and ~€8 million in ARR, on top of our acquisition in other segments.

In Belgium, we're thrilled about our privileged partnership with Belfius. This collaboration is set to massively accelerate our growth.

In Spain, we have a new GM Yoann Artus and under his leadership we’re further strengthening our go-to-market and product differentiation.

Additionally, we're doubling down on leveraging our globalized capabilities to accelerate go-to-market and product differentiation in every country, through a global stack. Launching the N+1 country is going to be cheaper and cheaper.

Now, let’s deep dive into some key highlights ⤵️

Our partnership with Belfius, one of Belgium's largest bancassurance companies, significantly strengthens our position and leadership in Belgium.

Through this alliance, Alan will become Belfius’ preferred partner for insurance and innovative health services. With Belfius holding a 20%+ market share of business clients in Belgium, we will be able to offer our services to all of Belfius’ corporate and institutional clients, representing hundreds of thousands of employees for Alan.

As part of this partnership, we have closed our Series F at €4bn valuation, led by Belfius, with renewed support from leading international investors (TVG, Temasek, Coatue, Lakestar), and numerous French and international business leaders and entrepreneurs. 

While we were already funded until profitability and delivering on our plan, this more recent round is giving us the opportunity to accelerate our product differentiation (especially health services and Disability Insurance), and having the right balance sheet for our massive growth on Civil Servants.

We obtained OSFI federal license for Canada. Much like France at Alan’s inception, Canada is a market that has not seen new players in a very long time: Alan is now the first global health provider to get a license in Canada since 1957 (from the data we have). Following the public announcement of our license, the market already reacted very positively. Please invite the people you know to sign up here, for companies under 100 employees based in Ontario.

Our goal is to continuously deliver more value to our members and customers by focusing on innovation and care verticalization. For our customers and members, committing to Alan means committing to a continuously increasing value and undisputed high quality experience, all at a competitive price while allowing us to maintain healthy margins. 

This is the reason why this quarter, we've launched several product initiatives aimed at making access to healthcare personalized, simpler, and more efficient through technology. We made it as simple as sending messages to your friends, shopping on your favorite websites, or scrolling through your social media.

We've launched innovative programs that combine breathing exercises, expert psychologist insights, and AI-guided reflections. We're also on track to roll out our Back Pain Program in Spain and Belgium, expanding our commitment to enhancing well-being across borders.

We’re thrilled to soon introduce our three transformative products that offer a more gamified, accessible, and engaging approach to care. While these features aren’t yet available to all our members, they’ve already seen remarkable traction—tripling our daily active users and increasing engagement with our app and health services, ranging from 25% to 100% more than those not using the feature. More importantly, they are also helping us significantly reduce the cost of care and claims.

We will unveil them very soon with a major product announcement, so mark your calendars for November 5th! We believe the future of healthcare is about to shine even brighter, and we can't wait to share it with you.

In the meantime, head over to alan.com/checkup to find out more, and keep an eye out for our upcoming announcements!

We're driving unprecedented transformation through AI, with our comprehensive deployment already delivering remarkable results across the organization. From our fleet of 150 AI assistants used weekly by over 80% of our team to our high-fidelity mascot generator producing 100 visuals daily, we're seeing dramatic efficiency gains everywhere in the company.

This revolution in workplace productivity is just the beginning. We aggressively expand our AI capabilities through automated multilingual content generation and AI-powered code reviews. AI innovation is fundamentally reshaping how we work and positioning Alan as a pioneer in the next generation of business efficiency.

This year is only the genesis of Alan. Our mission is to help as many people as possible live in very good health until the age of 100. It is an ambitious, almost crazy mission, and we have never been closer to making it a reality.

We are working very hard to make Q4 another record-breaking quarter.

We’ll be focusing on 

Thank you for your trust and your support.

Jean-Charles