WAX Insurance Services, a startup focused on the collectibles industry, launched a new online monoline collectible insurance policy designed to protect collectors from loss, damage and theft worldwide. It’s underwritten by property/casualty insurer Chubb.
WAX is a venture-backed company that recently raised a $10 million seed round investment led by Slow Ventures and AV8 Ventures with participation from NVP, TGV and a number of celebrity collectors, including DJ Skee, Josh Hart and DraftKings CEO Jason Robins. This investment will help WAX expand globally, beginning with Europe, according to a company press release.
WAX currently offers a digital wallet for collectors, a mobile app and an insurance product that provides a platform for collectors to manage, insure and borrow against collectibles from a smartphone.
Stanford CodeX Insurance Initiative Launches
The Stanford Center for Legal Informatics, jointly operated by Stanford Law School and the Computer Science Department within Stanford Engineering, launched the Stanford CodeX Insurance Initiative to help bring the power of computable contracts technology to the insurance industry. The aim is to make insurance services more affordable and transparent to businesses and individuals.
As part of the new initiative, CodeX is collaborating with AXA, a French multinational insurance firm, and other insurance leaders to research and test automated computing options using artificial intelligence to codify the terms of contracts in computable form.
The initiative’s multi-year effort will apply research in computer science, law and legal design to build a shared toolset for computable insurance contracts. The initiative brings together industry players, insurance regulators and other government agencies, tech companies, academics from around the world and Stanford students. It will share and promote solutions via published research papers, workshops and conferences.
Hi Marley Announces Coaching
Hi Marley, creators of a digital collaboration platform built for the property/casualty insurance industry, announced Coaching, which offers carriers insights and AI-enabled message intelligence.
The Hi Marley Insurance Cloud aims to streamline collaboration and communications for the insurance industry, automatically capturing SMS conversations, documents and important media into a single claim file.
With Coaching, Hi Marley seeks to amplify the voice of the customer while guiding next steps for supervisors and on-the-job development for all employees with real-time, tailored insights. In their chat queue, employees receive AI-driven, real-time notifications for at-risk conversations. The underlying models identify and flag areas of concern, including litigation risk, negative sentiment and delays.
Sources: WAX Insurance Services, The Stanford Center for Legal Informatics, Hi Marley