You Would Not Believe How Easy It Has Become to Get Health Insurance in France
Health insurance has become one of the basic human needs especially in western countries of the world, considering the rising cost of healthcare in these regions. Although governments have stepped in and tried to provide subsidized insurance packages to ensure that the maximum numbers of people are covered under some program, there are still gaps in the health insurance industry which make it rather difficult for everyone to access the right insurance package for themselves and/or their family.
However, all that is soon to become a problem of the past, at least according to the promise being made by a new health insurance startup which is going by the name of Alan. Based in the gorgeous city of Paris, this is the first new insurance program to be launched in France in well over 30 years, which makes it a novelty just in this respect.
But that’s not all. The startup was able to command an impressive $28 million in investment during the first round of its funding request around 10 months earlier. Now, it has been able to command another $45 million in the second round of its funding request, which means it has more than enough backing to scale up into a fully functional program, which would have the potential to benefit millions of people.
What Is Alan?
For starters, Alan seems to be focusing just on the French market, but of course, the app has the potential to scale up and would potentially be targeting the European market soon enough. On the outset, Alan is simply an online marketplace for health insurance packages. However, the software-based service has unique differentiating factors which should make it very attractive to its users.
The service aims to provide an interface that is so well-designed that it makes it easier for users to sign up for health insurance. Users can expect information like the insurance product, its prices, and its policies, to be displayed in an easy-to-understand manner, with the surety that all the information displayed is accurate. To offer credibility to the offerings, Alan has also already acquired the license from official government authorities, and hence can now be recognized as a health insurance company.
Already Growing Rapidly
France is not the worst country when it comes to providing health insurance to its citizens. Every working citizen is covered under the healthcare system of the country, which means they are entitled to reimbursements for some basic health-related expenses.
However, for more specialized treatments, private insurance companies must be approached in order to get coverage. A few products which are in demand are not being offered by traditional insurance companies, and this makes room for a product like Alan to tap into that gap in the market.
And the market has surely responded. According to the numbers shared by the service after closing the second round of its funding, the company acquired 23,000 additional users in 2018 alone, which is a huge jump considering it had only 5,000 insured users before that. This has obviously resulted in impressive revenue growth for the company as well, from $4 million in 2017 to $25 million last year.
A major focus for Alan has been the freelancer market, and also companies which are small or medium-sized. The company has also been working with a small team of only 64 individuals, however since it is aiming for expansion and expecting its market to grow exponentially, it plans on bringing in more than a 100 employees under its umbrella.
For Jean-Charles Samuelian, who is the CEO and co-founder of Alan, the aim is to make the entire health insurance process as instantaneous as possible, so that it takes the minimal amount of time for anyone to get a quote for an insurance package, find out what it covers, and also acquire reimbursements for the covered medical expenditure. However, that may not be the long-term goal for the company, as the vision is to bring about an improvement in the healthcare system as a whole.
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