MetLife Auto & Home has will roll out its personal lines “combo” policy into 28 new states over the course of 2011. The policy combines multiple insurance products into one package with one bill and one renewal date. The new offering complements MetLife Auto & Home’s existing package policy, GrandProtect, which provides high-end personal lines insurance coverage.
The combo policy has a number of features that make it an attractive option for both agents and consumers. For agents, an important benefit is that combo customers tend to exhibit greater loyalty and retention, as compared to monoline policy customers for the same products. Aside from the convenience of one bill and one renewal date, a combo policy also provides consumers with cost savings in the form of a multi-policy discount for insuring their home, vehicles and other items through the same carrier.
The first group of states to begin offering the combo product (effective March 17) include Colorado, Maine, New Jersey, Oregon, Pennsylvania, Texas, Utah, and Washington. Expansion to additional states are targeted to occur in a phased rollout by quarter through the remainder of this year, as follows: in the second quarter, California, Connecticut, Georgia, Idaho, Kentucky, New Hampshire, New York, and Virginia; in the third quarter, Maryland, Mississippi, Montana, North Carolina, Nevada, Rhode Island, and Vermont; and in the fourth quarter, Florida, Massachusetts, Michigan, West Virginia, and Wyoming.
MetLife Auto & Home is a subsidiary of MetLife, Inc. (NYSE: MET), a leading provider of insurance and financial services with operations throughout the U.S. and the Latin America, Europe and Asia Pacific regions.
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