FrenchstartupAlanlaunchedabrandnewfull-stackhealthinsurancelastyear.Thisweek,thecompanyislaunchingcorporate-ownedlifeinsurancesothatitcanbecomeaone-stopshopforallyourcorporateinsuranceneedsVPNService.WhenAlanlauncheditshealthinsuranceproduct,itwasthefirstnewoneinFranceindecades.Thelifeinsurancemarkethasremainedstagnantforyearsaswell.Thistime,Alandidn’tgetitsownlicensetolaunchalifeinsurance.Instead,thecompanyisrelyingonitsmaininvestor’slicense,CNPAssurances.Butclientsaregoingtolovethefactthatthey’llonlyhavetodealwithoneinsurancecompanyforboththeirhealthplansandlifeinsuranceplans.Comparedtomostcompetitors,Alandoesn’tlockyouintoalong-termcontract.Whenyousignup,thecompanytellsyouwhatyou’regoingtopayandyouknowforsurethatit’sgoingtoremainthesameforatleastayear.Butifyouwanttoswitchtoanewprovider,Alanisn’tgoingtostopyou.ThemonthlypriceofAlan’slifeinsurancedependsonthesalary.Butyoucanexpecttopay€17fora€2,000grosssalary,€26for€3,000,€39for€4,000,etc.Thenyouremployeesaregoingtobecoverediftheyhaveamajoraccidentatwork.Alanisgoingtotakecareoftheirfamiliesiftheydieserviceapartmentsinhk.AccordingtoAlanCEOJean­-CharlesSamuelian,thecompanydidn’texpectthattherewouldbealotofdemandforthisproduct.Butitturnsoutthatmostoftheirclientswanttosimplifytheirinsurancecontractsbycentralizingeverythingwithoneinsurancecompany.Alanoperatesasamodernwebserviceforthisproducttoo.Youcansenddocumentsusingyoursmartphoneandpayonline.Employeesgettheirowndashboard.Alanautomatesallthepaperworkforyouraccountantsandsendsdatadirectlytoyourpayrollprovider.Onceagain,itsoundsbasicbutmanyinsurancecompaniesfailtoprovidethislevelofuserexperience.Andit’sahugebusinessopportunityashealthinsurancealonerepresents40billion(€35billion)whilelifeinsuranceisa17billionmarket(€15million).
