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  1. Employee benefit

Insurance FAQs for HRs and Employers

Frequently asked questions by HRs and Employers about Insurances on Multiplier platform

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Last updated 15 days ago

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What is employer-employee contribution in insurance?

In some countries, the platform facilitates you to split the insurance premium cost with the employee during onboarding. You can select the percentage you will contribute, and the percentage the employee will contribute will be auto-calculated.

For example, If you select the employer contribution percentage as 80%, employee contribution will be 20%.

If you wish to contribute the entire premium amount, you can select employer contribution as 100, automatically calculating employee contribution as 0%.

How does the insurance invoicing calculation work?

Once insurance has been opted for, Multiplier will enroll the employee under the insurance plan, effective 1 year (for permanent contracts), irrespective of the employee’s start date with the company. The employer will be billed for one year (annually) in all countries (except the USA).

For employees in the US, the billing frequency is monthly. Multiplier will raise insurance invoices every month.

Note - If the employee is also contributing to the premium, i.e., there is a split between the employer and employee for the premium, the premium amount will be deducted from the employee’s salary. It will be a part of the payroll.

How does the insurance refund policy work?

Please note that for active members, insurance premiums are non-refundable once charged.

What is the process for canceling an insurance plan?

As an employer - If you wish to cancel the insurance of an active employee, you must reach out to your respective CSM, and we will cancel the insurance of that particular employee. You can also reach out to us with your request at benefits@usemultiplier.com.

Note: if an employee’s contract has ended, Multiplier will automatically cancel the insurance as per the last working day.

What is Multiplier’s platform fee for insurance?

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 creating, issuing, and maintaining insurance policies.

  • Customer Service: Expenses related to 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 we comply with relevant laws and regulations.