The Challenge: Closing a Critical Gap in the Marketplace
MySlabs was founded by lifelong collectors to address pertinent issues in the collectibles market – particularly fraudulent transactions, frivolous returns, and a lack of transparency. As the platform grew to host over 122,000 listed assets, the MySlabs team recognized another challenge: inadequate protection when shipping these valuable items.
Relying on the shipping insurance provided through traditional mail carriers was unreliable. Their policies often excluded collectibles or denied claims altogether. As a result, sellers were left to eat the costs of lost or damaged packages. MySlabs needed a better solution that was easy for their customers to obtain, with coverage that actually paid out when needed.
The Solution: Embedded Shipping Insurance by Vertical Insure
Shipping Protection reimburses sellers if a collectible item is lost, stolen, or damaged in transit. Unlike the insurance provided by standard mail carriers, Shipping Protection is designed specifically to cover the fair market price of high-value collectible items. Vertical Insure approached MySlabs with the idea of embedding Shipping Protection directly into their platform as a unique offering for sellers. The timing was perfect.
“We were looking for something high-value to offer as part of our membership,” says Matt Greaney, COO and founder of MySlabs. “We talked, put pen to paper, and ultimately built exactly what we wanted for collectors.”
With a fast integration handled by Vertical Insure’s team, MySlabs was quickly able to offer sellers peace of mind directly through their sold listings dashboard. The final result is a seamless checkout, including one-click coverage on every sold listing.
“It’s been huge. That’s where the majority of insurable items are in our industry,” said Greaney. “Especially in a space where there’s such a high rate of theft and fraud, and most people don’t even realize they’re not truly covered by the standard mail carriers.”
Beyond Shipping: Collectibles Insurance on the Horizon
With Shipping Protection now an essential feature of the platform, MySlabs and Vertical Insure are working on their next offering: Collectibles Insurance. This coverage goes beyond standard homeowner’s insurance by covering the full market value of the collectible item purchased, further increasing trust in the marketplace.
“If you’re not sold on shipping insurance, you should be 100% sold on buyer protection,” Greaney explains. “Every marketplace and auction house should be offering this. It just makes sense for security, customer experience, and reducing overhead for support.”
Final Word: Why Vertical Insure?
According to Greaney, convenience and security are the key reasons to partner with Vertical Insure. “With mail carriers turning down claims and platforms eating the losses, offering insurance directly to buyers and sellers protects both the business and the community. It’s a no-brainer.”
The Impact: Peace of Mind, Proven Payouts, and Platform Growth
Fast, Reliable Claims
Vertical Insure’s claims process delivers speed and reliability that far surpasses industry norms, giving MySlabs users confidence in every transaction. Claim resolution is fast and frictionless, even for high-value items.
“We had a $12,000 loss paid out within two business days,” said Greaney. “You don’t hear that with traditional carriers.”
High User Satisfaction
The integration of Shipping Protection was met with overwhelmingly positive feedback from sellers. Whether they’ve filed a claim or simply appreciate the peace of mind, satisfaction is universal.
“Every single person that has used the insurance or filed a claim loves it. That’s not an exaggeration,” Greaney emphasized.
Repeat Customers
The true test of value lies in whether users come back – and they do. From lower-end cards to premium collectibles, sellers are consistently opting into the insurance with each transaction.
“I can see the repeat customers in the Vertical Insure partner portal,” said Greaney. “People purchase this again and again.”
No Headaches, No Complaints
In an industry where customer service teams handle countless issues daily, Shipping Protection stands out as the one offering that doesn’t cause any friction.
“This is the only thing that has not caused us a single headache,” Greaney noted. “We’ve had people reach out randomly to tell us they love it, but we haven’t had any complaints.”