Multiplier charges platform fees to cover the costs associated with managing and administering insurance policies. Platform fees are intended to compensate for various operational expenses related to policy administration, customer service, and overall management of insurance policies.
Common administrative activities that are covered include:
Policy Issuance and Maintenance: Costs associated with the creation, issuance, and maintenance of insurance policies.
Customer Service: Expenses related to providing customer support, answering inquiries, and handling policy-related requests.
Technology and Infrastructure: Costs for maintaining and upgrading the technological infrastructure needed to manage policies, process claims, and perform other administrative tasks.
Record-Keeping: Expenses related to maintaining accurate and secure records of members and their coverage.
Compliance and Regulatory Costs: Costs associated with ensuring that we comply with relevant laws and regulations.