Health Insurtech Alan Raises €23 Million
European digital health insurance company Alan in April 2018 announced it has raised €23 million in Series A funding.
Alan has two characteristics that sets it apart from most other insurtechs. First and foremost, it is a real, licensed insurance carrier that actually writes risks and mutualizes them. It is not acting as a broker or a services integrator or a business process outsourcer, like most insurtechs do. Second, it offers employee benefits, a space that is as remote as possible from the individual P/C business of most insurtechs (auto, home, travel insurance); in an extension of employee benefits, it also underwrites health and life products for the self-employed.
Alan has a French insurance license; its reinsurers are French life insurer CNP and Swiss Re. At this time, it sells in France only and only direct and online, i.e. without intermediaries.
The new funds will be used to accelerate growth – the company targets 100,000 users before 2021; to grow the team from 25 to 80 employees by the end of 2018; and to introduce well-being services.
French Life Insurer CNP Among Investors
Historical investors that have participated in this round of funding include Open CNP, Partech and Portag3; Index Ventures and Xavier Niel join as new investors.
The board of directors includes three non-executives: Jan Hammer (Index Ventures), Hélène Falchier (CNP), Guillaume Sarkozy (former CEO, Malakoff-Médéric mutual life insurance), and two executives, Charles Gorintin (co-founder, CTO), and Jean-Charles Samuelian (co-founder, CEO).