French health insurance startup Alan announced new products, global expansion plans and a brand new refresh on Tuesday. The company also confirmed plan to overhaul some of its tech stack to enhance the overall user experience.
Alan is a software-as-a-service startup that provides health coverage in France. The firm wants to create a proper insurance product with straightforward pricing and policies to make healthcare more accessible.
The business has been issued an official health insurance license and raised nearly $86 million over the years. Until today, Alan offered insurance services to companies and freelancers. The business is largely expanding its potential customer base by addressing new markets.
“Our users are smart. We already had users for all products that we’re launching today, but they were working around the rules,” co-founder and CEO Jean-Charles Samuelian said.
Alan is first introducing specific insurance products for the hospitality industry, which includes hotels and restaurants. Companies and employees can sign up from Alan’s mobile app since folks working in the hospitality industry don’t sit in front of a computer throughout the day.
These insurance products are now compliant with hospitality industry’s legal requirements. Alan offers two tiers; Alan Cerises with a basic coverage for €30 per month and Alan Pomme with a coverage for €55 per month.
Like other health insurance firms, Alan pays at least 50% with the employee catering for the rest.
In addition, Alan is unveiling an insurance product for individuals, not only freelancers. This covers three new segments; individuals who are not employees of a French company or have specific needs, retired folks and public servants.
From now on, teachers, retired people searching for a digital insurance product and others can sign up to Alan. Plans depend on your age. It starts from €46 per month for 18-year-olds, €62 per month if you’ve hit 30, €83 per month if you’re 50, €133 per month for 70-year-old individuals, etc.
In terms of branding, Alan has outsourced James Vincent to design a new logo, a fresh color palette, a new mascot design, and more. The business is also unveiling a TV ad.
“Our mission is to be more than a health insurance company, we want to be your health ally,” Samuelian said.
Alan also gave some information about future product and business updates. The startup is planning to expand to other countries from next year.
First, Alan is going to enter Spain and Belgium’s markets. The company will not need to obtain a fresh local license as it can passport its insurance license across Europe.
Alan has also been working on a huge revamp of its tech stack. The company sought a third-party firm to handle payments and reimbursements in order to start more quickly.
Still, Alan started working on its own payment system. A third of the engineering has been working project since May and is expected to be complete in December this year. The goal is to make payments 10 times faster after the shift.
Sending an optician or dentist a quote to find out if Alan is going to cover you is also going to be a lot faster. Alan has now employed 126 people and 2,850 French companies use his company to cover 37,000 people.
That figure represents €28 million ($31 million) in yearly recurring revenue and the firm still has a huge amount of cash on its bank account – about €55 million ($61 million).
Over the next 12 months, the firm wants to have a team of 250 employees and cover 100,000 people. In short, the future is bright for Alan.