French Insurer Alan Breaks 66-Year Streak, Enters Canadian Health Insurance Market
Staff Editor French Health Insurance Innovator Alan Expands to Canada
Alan, the French health insurance disruptor, is set to make waves in the Canadian market as it becomes the first new health insurance company to enter the country since 1957. Founded in France in 2016, Alan has already established itself as a significant player in the European health insurance landscape.
The company’s unique approach treats health insurance as a subscription-first, software-as-a-service product. Alan has developed its claim management system and offers complementary health insurance to national healthcare systems. Their mobile app provides additional features such as doctor chats, prescription orders, and preventive care content.
Despite focusing on limited geographic expansion, Alan has seen impressive financial growth. The company recently raised €173 million in Series F funding and currently serves 675,000 people across France, Belgium, and Spain.
Alan’s expansion into Canada marks a significant milestone in its global ambitions. The company has obtained a federal OFSI license to operate in Canada and is building a local team of insurance and healthcare experts. Over the next few years, Alan plans to hire 50 people in Canada to support its operations.
The decision to enter the Canadian market was influenced by Teachers’ Venture Growth, part of the Ontario Teachers’ Pension Plan Board. Canada’s market characteristics, including a national healthcare system with significant private insurance coverage, align well with Alan’s business model.
The Canadian health insurance market presents a promising opportunity for Alan, with only 20 providers holding at least 1% market share. Low satisfaction ratings among Canadian consumers contrast sharply with Alan’s high net promoter score in Europe, suggesting potential for disruption.
Alan plans to distribute its services through employers in Canada, mirroring its successful model in France. The company reports that 55 Canadian companies have already expressed interest. Alan aims to onboard one customer per week starting January 2025, with plans to launch a self-signup portal in the second quarter of the same year.
As Alan prepares to enter the Canadian market, industry observers will be watching closely to see if the company can replicate its European success and shake up the long-established Canadian health insurance landscape.
