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How to correctly install a humbucker (electric guitar) pickup cover?

I'm planning to cover up an open coil humbucker, with a cover that has no holes exposing the slugs, that looks something like this (it's simply easier to keep clean):

enter image description here

I watched this video on the subject, as far as I understand the process explained here is:

  • Create a barrier between the plastic top/slugs and the cover using wax
  • Insert the pickup
  • Solder on both sides of the back
  • Functionally we are done

What I don't understand, is what are we trying to achieve with the wax?

  • Are we trying to prevent conductance between the cover and the slugs in the pickup?
  • Or are we trying to make sure the pickup doesn't rattle in the cover (budget wax potting)?

Thanks for any info!