The strategic partnership not only boosts Alan’s financial position but also marks Belfius’ switch to Alan for health insurance coverage for its 7,000 employees. Additionally, Belfius will offer Alan’s services to its corporate clients in Belgium.
The deal highlights Belfius’ increasing involvement with prominent French startups. Earlier this year, the bank invested in a funding round for Mistral AI, a French competitor to OpenAI. Jean-Charles Samuelian-Werve, co-founder and CEO of Alan, also serves as a board member and adviser to Mistral AI.
Alan, known for utilising artificial intelligence to streamline and automate insurance claim processing, has grown rapidly. The company generated €355 million in revenue in 2023, according to a blog post from Samuelian-Werve. The insurtech now provides coverage to approximately 650,000 individuals across 23,000 companies in France, Spain, and Belgium.
Belfius CEO Marc Raisiere revealed that the bank had considered developing its own digital insurance platform but ultimately determined that Alan’s offering was superior. The partnership with Alan underscores Belfius’ commitment to leveraging innovative tech solutions to enhance its service offerings.
Since 2021, Alan has raised over half a billion euros in funding, positioning it as one of Europe’s most valuable insurtech firms. The new round of investment marks a significant milestone in Alan’s mission to transform health insurance across Europe.
