French health insurance company Alan has announced impressive financial metrics, with top-line revenue reaching €505 million in 2024, equivalent to around $525 million at today's exchange rate. This significant growth demonstrates the company's continued expansion, despite still operating at a net loss.

Alan's business model, which offers a health insurance product that complements national healthcare systems in France, Spain, Belgium, and soon Canada, sets it apart from traditional tech startups. The company's revenue is largely comprised of insurance premiums, with Alan taking a 12-14% cut for additional services and management fees. If compared to a software-as-a-service company, Alan's annual recurring revenue would be around €60-70 million ($62-73 million).

Despite the revenue growth, Alan still reported a net loss of €54 million in 2024, compared to €59 million in 2023. However, the company remains committed to achieving profitability by 2026, as stated by Chief Financial Officer Mihaela Albu.

One of the key factors contributing to Alan's growth is its effective distribution strategy, which has scaled well without requiring significant team expansion. The company has won tenders for government workers in France and signed a strategic partnership with Belfus, the second-largest bank and insurance company in Belgium. Belfus is now an investor in Alan and will distribute the company's products to its own customers.

Artificial intelligence (AI) has played a crucial role in Alan's success, with the sales team increasing its results by around 50% thanks to AI-driven sales processes. Additionally, AI has enabled the company to reduce customer service costs, accelerate code production, and improve marketing asset creation.

Looking ahead, Alan plans to grow total revenue by another 40% in 2025 compared to 2024 and reach one million end customers by early 2026. The company also aims to increase automation, with 40% of customer support requests expected to be handled without manual input by the end of the year.

Furthermore, Alan has announced its health insurance offers for retired people in France, a market with 750,000 new retirees every year. This expansion is expected to contribute significantly to the company's growth.

As Alan continues to disrupt the health insurance market with its innovative approach and AI-driven solutions, its ambitious plans for expansion and automation will be closely watched by industry observers. With its sights set on profitability by 2026, Alan is poised to become a major player in the global health insurance landscape.