Jason talks to Richard Vinhais CEO of WAX. It is a platform for ensuring collectible items of high value and making sure that if anything goes wrong with your treasured collectible or sentimental value object that basically you are protected. In addition, they have helped people with custody and leverage of these assets with that.
Episode Highlights
- 1.42: Richard talks about his background and how his journey started.
- 08.22: Chubb is the world's largest publicly traded property and casualty insurer. They have 200 billion in assets, maybe 40 billion plus in gross premium. They are who you want and they kind of concentrate on the high network space.
- 10.10: Richard talks about the lending business that they launched the previous quarter which is really in pilot.
- 11.15: Richard explains in the collection management process there is an element of doing kind of a rapid income analysis on the individual rapid employment data.
- 13.14: Richard shares how they determine the value of assets and what is the process that they follow.
- 17.08: Cash is not as cheap as it, it was even six months ago. If you look back even a year ago when money was virtually free, that is just not the market conditions today. But there is still always a space for an individual that's looking for a quick infusion of cash, says Richard.
- 19.05: Once we are vaulting, we are responsible that means the insurance needs to be fully in place. The conditions of the vault need to be exceptional, says Richard.
- 22.05: As per Richard, understanding the collector mindset is everything because every collector, they have their own tribe. Every collector also has their why behind, why they collect.
- 25.12: As per Richard, they could open up the valves to allow anybody to enter their ecosystem which will certainly grow the top line of the business, but as claims start rolling in because they not thinking about the quality of what is coming in, then you are no longer running a profitable business.
3 Key Points
- Richard explains the technology aspect of Wax and where is the tech coming to play, and how is he delivers Insurance on collectibles?
- Richard talks about the range of products that they have launched or will launch in future. The list included the collection management, model line insurance, lending, and then vaulting.
- Richard talks about appraisals, how that was going to work and how it changes the current experience.
Tweetable Quotes
- "Collectibles are now seen as an alternative investment whereas in the past it was just kind of seen as a toy or a strange hobby or target demo has disposable income." - Richard Vinhais
- "The lending product was an experiment that we put into play last quarter, and we see this as a great way for individuals to kind of unlock value in the collectibles that they have." - Richard Vinhais
- "The amount of research we went into to find the correct vaulting partner was staggering, mainly because we want to make sure we're doing right by our clients, and we don't have to worry about it." - Richard Vinhais
Resources Mentioned
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