Alan, the French insurtech unicorn, has entered a strategic agreement with Belfius, one of Belgium’s major banks. This deal involves both a distribution collaboration and a substantial financial investment in Alan.
Belfius is spearheading Alan’s Series F funding round, raising €173 million (approximately $193 million). Existing investors such as Ontario Teachers’ Pension Plan (through Teachers’ Venture Growth), Temasek, Coatue, and Lakestar are also participating.
For those unfamiliar with Alan, it initially launched a health insurance product designed to complement France's national healthcare system, providing mandatory health coverage for employees. Alan has focused on optimizing its core product to offer a superior user experience compared to traditional insurance providers, automating many aspects of claim processing. In some instances, users can receive reimbursements within minutes of leaving a doctor’s office.
Over time, Alan has expanded its offerings to include additional health services like doctor consultations, prescription glasses orders, and preventive care resources for mental health and back pain, all accessible through its mobile app. The company has recently leveraged AI technology to further boost productivity.
Earlier this year, Alan shared its growth metrics, reporting that over 500,000 people were covered by its insurance plans, and it was on track to achieve profitability without needing additional capital.
The partnership with Belfius is seen as a strategic move to expand Alan’s customer base in Belgium. Belfius plans to market Alan’s health insurance solutions to its own corporate and institutional clients, which represent a large pool of employees.
Alan’s co-founder and CEO, Jean-Charles Samuelian-Werve, stated, “This exclusive partnership with Belfius, whose transformation over the last decade has been remarkable, marks a new chapter for Alan in Belgium. Belfius’ investment will help us accelerate our growth and enhance our ability to deliver innovative and accessible health products and services to a broader audience.”
Since February, Alan has gained an additional 150,000 customers, including contracts with institutions like the French Prime Minister’s office. The company anticipates its annual recurring revenue to reach €450 million (around $500 million) this year.
While Alan is not a conventional software-as-a-service company, as much of its revenue is allocated for insurance claims, its growth trajectory remains robust and promising.