French insurtech Alan reported €505mn in annual recurring revenue (ARR) for 2024, marking a 48% increase from €340mn in 2023. The company, which provides digital health insurance, is now focused on reaching profitability.
Founded in 2016, Alan offers app-based health insurance for businesses and employees, integrating AI-driven medical assistance and wellness tools. The latest revenue figures surpassed its initial 40% growth forecast.
Alan’s customer base expanded from 500,000 to 700,000 members. It now serves 32,000 businesses and 20,000 self-employed professionals in France, Belgium, and Spain. Notable clients include the French Ministry of Ecology and the Prime Minister’s Office.
Despite growth, Alan kept hiring minimal, increasing its workforce by 8% in 2024. Losses fell from €59mn in 2023 to €54mn. CEO Jean-Charles Samuelian-Werve credited AI for improving efficiency, streamlining customer service, fraud detection, and product development. “There is not a single part of the company that isn’t affected,” he said.
Alan aims for 40% revenue growth in 2025, targeting €700mn in ARR. It plans to expand its customer base to one million within 18 months, supported by its recent entry into Canada. Profitability is expected by 2026.
The company was last valued at €4bn during its €173mn Series F funding round in 2024, led by Belgian bank and insurer Belfius. The investment established a distribution deal allowing Alan to serve Belfius’s employees and corporate clients.
Alan’s valuation matches that of US-based Oscar Health, which has a $4bn (€3.84bn) market cap and projects up to $9.3bn (€8.9bn) in 2024 revenue.
However, industry experts debate Alan’s valuation. Matteo Carbone, founder of the IoT Insurance Observatory, called €4bn “unrealistic,” arguing that Alan’s premium levels and lack of profitability do not justify it. He suggested Belfius’s dual role as investor and distributor inflated the figure.
Adrien Choquet, partner at Banque Hottinguer, defended the valuation, citing Alan’s technology and growth trajectory. He warned that maintaining a competitive tech offering is crucial. Without that, he said, Alan’s valuation would resemble that of a traditional insurer.
Samuelian-Werve remains confident in Alan’s market position. “Few European insurtech firms reach this scale. Even with €500mn in revenue, our market share remains below 1%,” he said.
With expansion plans, AI-driven efficiency, and a growing customer base, Alan is positioning itself as a leading digital insurer.
Alan has raised about $747mn across seven funding rounds since its launch in 2016.
The company secured €12mn in a seed round in October 2016. In April 2018, it raised €23mn in a Series A round led by Index Ventures. This was followed by a €40mn Series B in February 2019 and a €50mn Series C in April 2020.
In April 2021, Alan secured €185mn in a Series D round, raising its valuation to €1.4bn. A Series E round in May 2022 brought in another €185mn, increasing its valuation to €2.7bn.
The most recent Series F funding in September 2024 added €173mn, bringing Alan’s valuation to €4bn.
Key investors include Index Ventures, Belfius Bank, Ontario Teachers’ Pension Plan, Temasek, Coatue, and Lakestar.
