WAX Collect Launches WAX Flex: The First Modular Insurance Solution for Watch Collectors

WAX Collect has transitioned into a specialty managing general underwriter (MGU) with the launch of WAX Flex, a modular insurance product for watch collectors. This shift allows the insurtech to offer granular, risk-based pricing and coverage options, addressing a specific gap in the luxury asset market where traditional "one-size-fits-all" policies often lead to over-insurance for low-risk items.

What was announced

WAX Collect is introducing WAX Flex as its first product built from the ground up since becoming an MGU. The product is designed specifically for watch collectors who require different levels of protection for different items within a single collection—distinguishing between "daily wearers" that travel and high-value pieces kept in safes. The modular system allows policyholders to tailor their coverage based on their specific risk tolerance and budget.

The product operates through three primary levers. First, it offers optional add-ons such as Unattended Auto and Checked Baggage coverage, which are available on schedules of three or more items. Second, it provides market-value protection, allowing policyholders to choose payouts of 100%, 125%, or 150% of the scheduled value to account for appreciation, subject to class limits. Third, a multi-category discount is available for those insuring up to three different collecting categories with the firm.

WAX Flex is written on surplus lines paper and backed by an AM Best A+ (Superior) rated carrier. It sits alongside the existing WAX Classic product, which remains the comprehensive, all-inclusive option. Beyond personal collections, the firm also provides commercial insurance for retailers, dealers, and marketplaces. Currently, the platform catalogues nearly $2.5 billion in assets for over 10,000 collectors and works with more than 150 partner agencies.

The companies involved

WAX Collect, which also operates under the name Collect., is an insurtech and specialty MGU dedicated to the luxury asset and collectibles market. Its remit extends beyond horology to include jewelry, trading cards, fine art, and memorabilia. The company has positioned itself as a bridge between the passion-led world of collecting and the technical requirements of specialty underwriting, utilizing its get-collect.io platform to manage catalogued assets.

By operating as an MGU, the firm takes on greater control over the underwriting process and product development, allowing for the creation of bespoke solutions like WAX Flex that traditional carriers might find too niche to develop internally. The company’s infrastructure supports both individual collectors and the broader ecosystem of businesses—such as retailers and marketplaces—that facilitate the trade of high-value assets. This dual focus on personal and commercial lines allows WAX to capture data across the entire lifecycle of a collectible, from the initial retail sale to long-term ownership and eventual resale in the secondary market.

What this means from an insurtech perspective

The transition of WAX to an MGU model highlights a growing trend where niche insurtechs move closer to the risk to gain product flexibility. For the broader industry, this move puts pressure on generalist high-net-worth (HNW) carriers whose legacy systems often struggle with the modular underwriting required for rapidly fluctuating asset classes like watches. By unbundling coverage, WAX is challenging the traditional "all-risks" blanket policy, potentially forcing incumbents to reconsider how they price portfolio risk. The use of surplus lines paper is a strategic choice here, providing the regulatory freedom to iterate on non-standard forms that traditional admitted markets might reject due to rigid filing requirements.