NEW YORK, Sept, 9, 2020 /PRNewswire/ -- WAX announced the launch of a new insurance product for watches and other collectibles, along with seed funding from a number of luxury industry insiders and collectors such as Phil Ogle, North American Director for Swiss watch company, Urwerk Geneve, NFL player Ndamukong Suh, NBA player Josh Hart, Jeremy Levine, former CEO of Draft, and others. The WAX Insurance app is available in both the Apple and Android app stores. Users can take pictures of collectibles or luxury goods that they own and have them insured, without needing an in-person appraisal, which has become increasingly difficult in light of Covid-19 related shutdowns.
WAX has innovated on numerous features that mitigate potential fraud, while giving underwriters a better ability to gauge risk. WAX's proprietary data sets and team of industry experts are able to authenticate and value items for fair market value via high res images, reducing their dependency on third party appraisals. With many stores closed due to Covid-19, and consumers wanting to avoid physical contact, WAX is offering a much needed solution via its digital platform. At launch, WAX is available to customers in NY, NJ, CA, PA, CT, IL, TX, AZ, CO, GA, OR, NC and DE. The company expects to have national coverage by early 2021.
David Nichols, former Global President of K-Swiss teamed up with Calvin Bradley, a former Olympic level Modern Pentathlete from South Africa to launch WAX. "From day one, WAX has been for collectors, by collectors. Our goal is to help protect collectors from the thing that they dread the most - having their prized possessions stolen", said Calvin, who will serve as WAX's CEO. "The WAX app makes insurance a delightful experience. We empower collectors to do what they do best - collect".
Frustrated by the lack of options to easily catalog and insure their collectibles, numerous collectors and industry insiders worked with WAX to help craft their insurance product. WAX not only provides global coverage for customers who are traveling, but also covers items when they are being shipped for grading, repair, or sale. WAX also partnered with well known Instagram influencer, @NYCWatchGuy to focus on the luxury watch market. At launch, WAX supports 25 different categories of products, including but not limited to watches, handbags, jewelry, sneakers, trading cards, coins, stamps, and antiques.
WAX is a modern insurance provider, for collectors, by collectors. WAX is devoted to protecting the value of collections by making collecting safer, easier, and more community-oriented. The WAX mobile app makes insurance a delightful experience by allowing users to simply take pictures of their collectibles and have them protected. WAX is also being integrated into retailers' point of sale systems to offer insurance at the time of purchase. www.wax.insure
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SOURCE WAX Insurance