French startup Alan launched a brand new full-stack health insurance last year. This week, the company is launching corporate-owned life insurance so that it can become a one-stop shop for all your corporate insurance needs.
When Alan launched its health insurance product, it was the first new one in France in decades. The life insurance market has remained stagnant for years as well.
This time, Alan didnt get its own license to launch a life insurance. Instead, the company is relying on its main investors license, CNP Assurances. But clients are going to love the fact that theyll only have to deal with one insurance company for both their health plans and life insurance plans.
Compared to most competitors, Alan doesnt lock you into a long-term contract. When you sign up, the company tells you what youre going to pay and you know for sure that its going to remain the same for at least a year. But if you want to switch to a new provider, Alan isnt going to stop you.
The monthly price of Alans life insurance depends on the salary. But you can expect to pay 17 for a 2,000 gross salary, 26 for 3,000, 39 for 4,000, etc. Then your employees are going to be covered if they have a major accident at work. Alan is going to take care of their families if they die.
According to Alan CEO Jean-Charles Samuelian, the company didnt expect that there would be a lot of demand for this product. But it turns out that most of their clients want to simplify their insurance contracts by centralizing everything with one insurance company.
Alan operates as a modern web service for this product too. You can send documents using your smartphone and pay online. Employees get their own dashboard. Alan automates all the paperwork for your accountants and sends data directly to your payroll provider.
Once again, it sounds basic but many insurance companies fail to provide this level of user experience. And its a huge business opportunity as health insurance alone represents $40 billion (35 billion) while life insurance is a $17 billion market (15 million).