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Diagnosing Alan’s financial health

Diagnosing Alan’s financial health
Updated on
14 November 2023
Updated on
14 November 2023
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Creating a new category takes time

In February 2016, Alan became the first company in France, since 1986, to receive a new health insurance license. Our license does not define who we are and what we do; we’re not a simple health insurer. 

The license is one of the tools that allows us to build a completely new category. The category of a one-stop health partner. When you think about your health & well-being, you use Alan.

Since our founding, we have progressed through several chapters.

  • I: 2016-2017: Build a new kind of health insurance

  • II: 2018-2020: Scale B2B health insurance, expand internationally

  • III: 2021-2022: Roll out health services to become the one-stop health partner

We’ve achieved a lot…

During our 7+ years of existence, we have:

✅ Built an industry-redefining insurance product and a category creating one-stop health partner product that:

  • Has an NPS of 68 from members and 53 from Admins

  • Insures over 430,000 members and growing at c.30% per year

  • Has healthy margins and positive unit economics

✅ Earned the trust of 20,000+ companies including McDonald’s, Monop, the Belgian National Lottery, Ikea Spain, Burger King, Vitalliance, and many more, who all see the value of investing in the physical and mental health of their employees and have chosen Alan as the solution

✅ Expanded into 🇪🇸 and 🇧🇪 

✅ Already become a Top 20 health insurer in 🇫🇷 by revenue (out of >400 in the market. Expect to be c.#17 by the end of 2023!

We have accomplished this while also remaining smartly frugal. We have raised just over €440m of capital from the world’s best investors including Index Ventures, Temasek, Coatue, OTPP, Ribbit Capital, Partech, and others. To date, we have spent €200m of that capital; so on average, just under €30m per year.

… and we’re building even more

We have a very clear and fully funded path to profitability.  Being financially strong and independent allows us to:

  • Invest in our product

    • Help members make better decisions about their health

    • Real-time, personalized support every day of the year

    • Lightning fast reimbursements

  • Remain at the leading edge of leveraging AI and Large Language Models in healthcare

    • Deliver frictionless and personalized health care and services to members, at scale, and at the lowest possible price

  • Deliver the best return on investment that an HR department can make for their employees

  • Continue to grow our team

Peak financial health to get us there

Talk is cheap and cash is king. Our path to profitability does not require external capital thanks to us having over €200m of cash in our bank accounts and peak financial health.

The blueprint for peak financial health

✅ Market beating capital strength

At Alan, we have a capital position (Solvency Capital ratio) that is five times more than what is required by the regulator and is twice as much as the market average. Such a strong capital cushion allows us to invest into our industry defining products and services while continuing to grow and positively impact the health of the largest number of people possible.

✅ Simple, clean, and transparent balance sheet

Our business model is built entirely on the foundation of delivering value, and thereby generating profits from our health services and health insurance. Unlike a traditional insurer, we are not at all reliant on risky or volatile investments to make money. Our capital is invested into zero risk deposits while our other liabilities are matched by equivalent assets.

As a result, we generate predictable financial returns that are not impacted by negative (or positive) market volatility.

✅ Top notch treasury management

Our active treasury management strategy balances the working capital and liquidity needs of our business with maximizing investment returns without putting our capital at any risk. 

Our current average investment duration is c.5 months with maturing tranches (0-3 months) being reinvested at yields over 4.3%. 

✅ High net € retention

The combination of our category creating bundled offering, industry defining adoption and member “love” (very high NPS) results in very low customer churn. Coupled with our ability to grow alongside our customers results in a highly positive net € revenue retention of every annual cohort and overall as a company.


At Alan we’re not just a French health insurer with an app. We have:

  • Created the one-stop health partner category

  • Leveraged the latest tech to redefine how members manage their health

  • Cracked the Top 20 (and soon to be much higher) in France

  • Successfully expanded into international markets

  • Maintained a fortress balance sheet and peak financial health

Published on 25/09/2023

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