In January 2020, we published our annual letter to our investors on our blog. As we shared quarterly updates to our investors, we want to keep sharing them with our community.
Please find below the email we sent to our investors following the first quarter of 2020. We slightly edited it to remove sensitive information.
Dear Alan’s friends and investors,
First, I hope you are all safe as well as your family and friends.
We are in the middle of a global crisis in the form of the Covid19 Pandemic. Since the creation of Alan in 2016, the Covid-19 crisis has been the biggest crisis we faced.
We have learnt a few things about us during this crisis:
Our signed Annual Recurring Revenue grew 15.5% from €50.5m to €58.3m (on April 1st).
We ended the quarter with approximately 75.7k total members (slightly above our target).
Q1 performance is driven by self-serve acquisition and evolution of current customer base, as no sales acquisition or churn significantly happened this quarter. Let’s remember that most of our growth comes later in the year.
With Covid-19, we decided to postpone our Sales campaign to focus on helping admins. We are a few weeks late to connect with new leads.
NPS is currently very good to excellent for all user groups with a +36 increase on accountants.
The target is 99 % of all sources treated in less than 4 days. For March, we reached 78 %, versus 54 % in January, and it is improving significantly.
Significant drop in time to first answer for sync conversations (via chat) since Oct 2019: it has been below 5 minutes since Dec and below 3 min since mid Feb.
We invested heavily in Q1 in: 1. Simplifying the experience for our members and the administrators of Alan company plans. 2. Acted rapidly, in the context of the COVID-19 pandemic, to provide support to members and non-members alike.
100% of our members are now on our fully integrated stack for claim management, allowing better service, better product, and better scalability. It was more than one year of work and is differentiating our insurance experience tremendously. We are already reimbursing much faster than the market.
More information on pending reimbursements, more transparent claims and quote handling process, and a richer help centre.
Telemedicine: We have seen a strong acceleration of teleconsultations adoption since March.
Proactive care: We crossed the 5K members giving consent milestone, so we can send them proactive care notifications.
We are overall happy with the pace of growth on International and the progress made since January - a lot has been achieved:
We postponed our subway campaign (initially April) to end-of-May/June due to Covid19.
We had some Press during the cycle:
In addition, our culture continues to attract the interest of journalists:
Our team grew from 164 people to 189 signed (+25). Sales, where the team went from 26 to 42 and Engineering, with 4 engineers at senior levels E or F.
We are seeing the foundations of all what we built in terms of product and culture having a very differentiating impact on our success.
We really believe we have a very unique opportunity now:
We will follow the impact of the crisis very closely and adjust strategies in perspective of the evolutions.
With the team we have and the culture we have built together, it is time for Alan to emerge as one the very most solid companies in Europe.