Alan - 2024 Q4 Letter to Shareholders

• 📈 Great Performance
• ⭐ 2024 was transformative for Alan
• 💫 Looking Ahead

Dear Community,

2024 was transformative on many aspects and the foundation of an even better 2025.

Reflecting on 2024, our most remarkable year since 2016, we achieved major milestones that have established Alan's position as the leading integrated payvidor (payer + provider) in the European landscape. Our journey has been marked by solid growth, strategic expansions, and product innovation, all while successfully navigating a complex landscape.

We concluded the year with nearly 700,000 members and over €500m ARR (Annual Recurring Revenue), representing 48% year-over-year growth. This growth was driven by two key factors: first, our sales acquisition grew by 55%, powered by significant efficiency gains where each sales team member generated 52% more revenue than the previous year while maintaining the same acquisition costs. Second, we successfully expanded into the public sector, which contributed 32% of our growth. 

Our team has expanded thoughtfully to over 600 Alaners (from 557 at the beginning of the year, +8% YoY), all deeply committed to our operational excellence and vision for the future.

The growth in Q4 appears relatively low because, following the onboarding of the Ministries, we had to readjust the figures as there was a gap between what was communicated to us and the reality of the number of agents and retirees.

🌍 Expanding Horizons

In France, our breakthrough in the public sector was particularly noteworthy, with successful RFPs for the Ministry of Ecology and Prime Minister's office, achieving a ~90% satisfaction score from onboarded civil servants. This established us as the benchmark for public sector health coverage and strengthens our competitive position for the future.

🚀 Investing massively in our product 

🫐 Expansion of Gamified Prevention 

What started as a proof of concept with Alan Walk has evolved into a powerful engine for member engagement and health improvement.

🚀 Alan Walk – Gamified prevention to fight sedentary lifestyle 🚀 

In Q4, we confirmed the potential of gamification to drive admin and member engagement on our health offering, reaching for Alan Walk (900 companies, 20k members). The results are: 

In Q4, we validated the impact of gamification on both admin and member engagement through Alan Walk, which successfully reached 20,000 members across 900 companies. The key results demonstrate:

• 35% of employees actively engage with the platform, and we maintain a 35% weekly retention rate after six months. 

• We are seeing real impact on health behaviors: moderately engaged users increase their daily steps by 650 (14%), while highly engaged users achieve a remarkable 1,200 additional steps per day (27% increase).

Alan Walk, our gamified prevention initiative, effectively boosts adoption of our health services

The success of our gamification strategy extends beyond physical activity. Our comprehensive approach has driven strong cross-platform adoption, with users showing 20% increase in clinic usage, 120% increase in program participation, and 80% increase in content engagement. 

🚀 Gamified prevention everywhere 🚀 

💜 AI everywhere

Our AI initiatives have positioned Alan at the forefront of healthcare innovation. 

We built upon the integration of our AI-powered medical assistant, Mo, into the Alan App for 50% of our members, as part of our medical-chat service “Alan Clinic”.

🚀 Mo – Our AI doctor 🚀

We published the world's first large-scale study of conversational medical AI in real clinical settings. The results validated our vision of AI-enhanced healthcare delivery:

• 81% of patients chose Mo over traditional consultations

• Response times accelerated by 2-3x compared to standard doctor interactions

• Healthcare professionals gave a remarkable 95% approval rating

• Patient satisfaction reached 4.6/5, surpassing traditional care benchmarks

In 2024, we published the world’s 1st large-scale study of conversational medical AI

Beyond medical AI, we are pioneering emotional health support through our AI-powered journaling feature, which has shown strong early adoption with 14% of users engaging in the experience. This demonstrates the potential of AI to support both physical and mental wellbeing.

🚀 Alan Journaling – Our AI-Powered Journaling Feature 🚀

🩺 Enhanced health services

Our commitment to expanding access to quality healthcare has yielded remarkable results in our enhanced health services. 

The Alan Shop and optical care offerings have achieved record-breaking market share in November - 17% in contact lenses and 9% in glasses. This success translated into a 70% year-over-year increase in cost of claims savings. The financial impact has been substantial.

Moreover, in response to the remarkable success of our Alan Back Pain program in France (where 87% of the 22,000+ members experienced relief within just 14 days) we announced its expansion into Spain 🇪🇸 and Belgium 🇧🇪, as part of our commitment to enhancing well-being across borders.

🚀 Back Pain Program – Our Health Programs accross Europe 🚀 

🤖 Leveraging AI to boost our productivity

In 2024, we achieved a step-change in operational efficiency by deploying AI across our entire value chain, delivering both cost savings and enhanced member experience:

• Marketing & Growth: By internalizing our paid marketing efforts and implementing AI-driven automation, we achieved a 50% increase in productivity across our teams.

  • Creation of 225 creative pieces (15% fully AI-generated)

  • 4.7x increase in Meta conversion rates year-over-year

In 2024, we created +225 marketing pieces using our own AI tools

• Customer Experience & Operations: We reached new heights in service automation while enhancing member satisfaction:

  • 17.5% automatic resolution rate for mobile contacts (up from 9% in H1)

  • Maintained 4.6/5 member satisfaction score

  • €518k annual cost savings through AI-powered support

  • Industry-leading document processing with 67% autoparsing rate in France and 39% in Belgium

• Claims reduction: Our AI-powered fraud detection system demonstrated remarkable effectiveness:

  • In Q4 alone, we identified and prevented €1m in fraudulent claims, representing 1.5% of total claim costs (our best quarter ever in absolute value) 

  • We developed a pilot program with major customers to prevent overconsumption, targeting €400k in additional savings.

Looking forward we are doubling down on AI investments for 2025 with three strategic priorities:

• Expanding automation across customer support and claims processing

• Enhancing fraud detection and cost control measures

• Scaling our AI capabilities to support international growth

As we step into 2025, we have charted a clear path to success that promises to redefine healthcare. 

Our Spring 2025 Release will mark a pivotal moment in Alan's journey, as we will unveil our vision to revolutionise how members engage with their health through major product announcements. We can't wait to share that with you!

We are making prevention the new norm of care for all, both at home and at work. Our mission is to help people live in good health to 100 while enabling employers to transform health benefits into their most valuable investment in human capital. 

2025 will be the year Alan's vision of integrated healthcare becomes a reality at scale. 

Thank you for being part of this journey. 

Jean-Charles