Max Insurance is a small insurance provider that promises to “modernize” the insurance business and specializes in coverage for home, business, motorcycle, farm, and coming soon, automobile.
|Canadian Mkt. Share*||0.02% (2019)|
|Insurance Products||Home, Small Business, Farm, & Motorcycle Insurance|
Based out of Kitchener, Ontario, Max Insurance operates in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. A small, faith-based company, Max Insurance claims to use cutting-edge technology (a “deep learning AI”) and individual pricing to provide coverage that fits each customer.
Max Insurance traces their roots back to 1866, but their modern approach to the industry is in line with their parent firm, Chelsea Avondale, a holdings company based in Ontario. Chelsea Avondale also promotes a “different” take on insurance pricing that focuses on using technology to create more precise policies. The holdings company purchased Max Insurance along with its American counterpart, MAX North America in November 2016. Their portfolio also includes Chelsea Avondale Insurance Ltd., an insurance provider based on the Caribbean island of Barbados.
Max Insurance policyholders have come to expect the following from their home and business coverage:
- A fluid set of coverage options rather than discrete insurance products
- A technology-based approach to risk assessment
- A policy that takes their precise needs into account
Despite the fact that Max is a smaller company than many of its competitors in Canada’s major provinces, it has its own network of brokers in the areas where the company writes policies.
Benefits of Max Insurance
Max Insurance differentiates itself from most of the industry with it’s focus on technology and machine-learning. Private customers with Max Insurance policies enjoy the following advantages of working with the company:
- A more targeted pricing model: Max’s sophisticated, data-driven model means that policyholders will have monthly premiums that more accurately reflect their individual needs. On its website, Max Insurance explains that, for example, if two homes are on either side of a river, but one has a basement and the other doesn’t, they won’t just be paying evenly for blanket flood risk coverage.
- Personal service from a company with values: Max Insurance advertises using its business to give back to community and act in the best interests of its policyholders. While some larger companies have more resources and broader coverage areas, Max claims to focus on the more personal side of the insurance business — the company points to strong family values and faith-based origins to convey personal, compassionate, and valuable partnerships with customers.
Max Insurance Products
Because Max Insurance advertises a different approach to insurance coverage, the company does not offer conventional insurance products, but does operate within several key coverage areas:
Max Insurance offers home insurance for your apartment, condo or house. Their scientific pricing model claims to ensure that policyholders do not pay for “part of their neighbour’s insurance.” According to Max, several people could have drastically different rates, even if they live in similarly sized homes in the same postal code, based on key determinations of risk and qualities of their home. This is all part of the calculations done by the company’s pricing AI.
The nature of Max Insurance’s business model keeps prospective customers in the dark as to exactly how these prices are calculated. Some of the risks involved in this calculation include:
- Home location and individual geographic factors
- Risk of natural disasters, fire, and flooding
- Age and quality of key structures on the home, including the roof and the foundation
Small Business Insurance
Max Insurance offers coverage for small business owners, using the same science-based pricing technology and underwriting up to $5 million in risk in the following areas:
- Business Interruption
- Commercial General Liability
- Property Damage
Max Insurance offers farm policies, covering areas of risk related to agricultural equipment, crop loss, and other factors.
The company offers motorcycle insurance policies, and as of mid-2020, advertised the automobile insurance coverage was “coming soon.”
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