MetLife Auto & Home has introduced its personal lines “combo” policy into three additional states. The policy combines auto and home insurance products into one convenient package with one bill and one renewal date. The three new states – Michigan, West Virginia, and Wyoming – are part of the final stage of a larger 27-state policy rollout that has taken place throughout 2011 and early 2012.
With one billing cycle and one renewal date, the combo policy can simplify things for both agents and customers. For agents, aside from reducing account management overhead, combo policy customers tend to exhibit greater loyalty and retention, as compared to monoline policy customers for the same products. For customers, there are cost savings derived from a multi-policy discount, along with the convenience of a single bill and renewal date.