You know it, we love radical transparency and building in the open. We believe this transparency builds trust internally and externally.
In July, we published our Q2 2021 letter to shareholders in our blog. As we share quarterly updates with our investors, we want to keep sharing them with our community.
Please find below the email we sent to our investors following the third quarter of 2021. We slightly edited it to remove sensitive information.
Dear Alan friends and investors,
Our objective is to offer a personalised, lightning-fast and affordable healthcare experience for 50m members by 2030 (we still have a long road ahead of us :) ).
In order to achieve that, there are different flywheels on which we want to be successful, and I feel that for the first time they are really starting to converge. They are not just a vision anymore, we are delivering on them.
The objective with insurance (health+disability+basic membership fee) is to offer the most differentiated product in the market at very competitive prices.
Thanks to that, we believe we can have solid growth with healthy margins (while remaining more competitive than the market which has an average gross margin of c. 20%).
During this quarter, we have managed to:
In parallel, we are seeing accelerated momentum in 🇪🇸 Spain & 🇧🇪 Belgium. It is very exciting.
We are back to performing well on Care with SLAs beating our targets. It is the result of a revamp of our care organisation, accelerated hiring and an outsourcing strategy.
After our acquisition of Jour, we have officially rebranded the product to Alan Mind, expanding it into a full-stack mental health solution for companies. We officially launched it on September 21st.
Our other initiatives such as provider recommendations in Alan Map, our virtual clinic and Alan Baby are ways to deliver even more value to our members.
We have already started with Alan Clear and >12k members have created eye care profiles in the app. We believe that working on the full eye care experience in the app will allow us to build trust and engagement to really bend the cost curve of this care, both for our members and us. This allows us to pass on cost savings to our members.
We are also investing significantly in fighting fraud and abuse.
We are going to make some announcements on the topic soon!
The continuous investment in our culture since the beginning of the company is paying off: we are scaling well, allowing us to keep attracting incredible talents and providing them the tools to be owners (distributed ownership).
Over the past 12 months, around 210 people have joined Alan, which is half the size of the company today. Alan just ranked 1st on the Linkedin Top startups list.
Our culture also allows us to manage complexity and new business lines (countries, healthcare services) in a distributed and aligned way. The combination of both is really hard to achieve.
Alan Baby has shown early signs of market fit and we feel there is a lot of potential for it to get to a bigger scale.
In our virtual clinic, we are also adding multiple specialties (nutritionists, adult sleep coaches, nurses, dermatologists) to learn how to engage more members proactively and guide them towards more effective care options.
Until the end of the year, we will focus on executing the plan, on three major objectives:
Longer-term we are building the international health & well-being super-app that helps all people have a personalised and accessible healthcare experience.
The objective of the super-app is to create good habits and become the best gateway to the healthcare system, the one-stop-shop.
In order to do that:
Being really strong on the first three will enable us to explore new territories and expand our business.
Thank you for being part of this adventure, and for your trust. We are more excited than ever.