WAX Launch Session

The meeting focused on the launch of WAX, a new product for collectible items available through FIRST Connect. McKenzie explained that WAX is now live in the portal and outlined the process for requesting access, which involves going to the dashboard or carrier finder and clicking "Request Access." Kelly, representing the WAX team, provided background on her experience in the insurance industry and introduced her colleagues who would be available to answer questions during the presentation. The session was set to include a review of reference materials, information about WAX products, and a demonstration of the live quoting process using a sample McKenzie policy.

 

Kelly provided an overview of WAX, a specialized insurance product for collectibles that is underwritten by Chubb. The coverage includes agreed value with up to 150% replacement cost, comprehensive coverage for various perils including fire, theft, and breakage, and worldwide coverage for items in transit. Kelly explained that brokers can contact the support line for assistance and noted that blanket coverage options are available for large collections.

 

Kelly discussed coverage details for WAX insurance, explaining that they provide coverage during transit but require case-by-case evaluation for items in storage lasting over a short period. She confirmed that WAX covers antique firearms, requiring appraisals for items over 100 years old or significant historical pieces. Kelly highlighted WAX's competitive advantages, including up to 150% replacement value and a fully digital experience with both agency management systems and a consumer app. She provided guidance on how to sell WAX policies, suggesting it's best to introduce the service when discussing personal property coverage diversification with existing clients.

 

Kelly explained how insurance values are determined, noting that insureds provide the values based on bills of sale, receipts, or appraisals, with appraisals typically needed within 3 years. McKenzie discussed adding moving insurance to their program, and Kelly offered to share contact information to explore this opportunity further. Kelly then demonstrated their agency management system (Concilium), explaining the process for quoting and binding insurance on items, including the option to use the system as a vault for item documentation even without insurance coverage.

 

Kelly explained that WAX does not have production quotas or requirements for agencies to maintain appointment status, focusing instead on providing insurance when needed. The team discussed whether a police report is required for loss or theft claims, with Kelly clarifying that it depends on the situation, particularly for mysterious disappearances. Kelly demonstrated the client creation process and quote generation system in the platform, explaining how social profiles help with underwriting for high-value items.

 

Kelly presented a detailed walkthrough of WAX's fine art insurance platform, demonstrating how to input client information and create quotes for valuable items. The discussion addressed several questions about underwriting guidelines, including how collections like Pokemon cards would be rated and how claims affect Clue reports. McKenzie announced that all webinar materials would be posted in the Resource Center and a recording would be shared via email. Kelly concluded by revealing a new 60-day incentive program starting April 9th, offering cash prizes for top agents based on quotes and policy sales, with an additional $100 bonus for the first three agents to bind and receive payment on policies.