Warwick, R.I. (May 24, 2011) — MetLife Auto & Home announced today the introduction of its personal lines "combo" policy into five new states during the second quarter of 2011. The combo policy combines multiple insurance products into one package with one bill and one renewal date, and contains a number of features that make it an attractive option for both agents and consumers. The five states – California, Idaho, Kentucky, New Hampshire, and Virginia – are part of a larger 27-state policy rollout taking place throughout 2011.
In addition to the convenience of one bill and one renewal date, a combo policy 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 product affords consumers increased simplicity, reducing the amount of paperwork for households and making it easier to manage multiple insurance needs at once.
"A combo policy also offers valuable advantages to agents," said Joann Kraemer, director of product development, MetLife Auto & Home. "From an agent’s perspective, account management is more efficient when clients have one billing cycle and renewal date. One particularly attractive benefit is that combo customers tend to exhibit greater loyalty and retention, compared to monoline policy customers for the same products."
The second quarter expansion is effective May 19 and follows the rollout earlier in the year into the states of Colorado, Maine, New Jersey, Oregon, Pennsylvania, Texas, Utah and Washington. Expansion to additional states is slated for later in the year.
"We have received great feedback from agents in the states where it was recently introduced," continued Kraemer. "By continuing our expansion into additional markets, we are strengthening our commitment to meeting a wide range of insurance needs for both agents and consumers."
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. For more information, please visit www.metlife.com. MetLife Auto & Home is a brand of Metropolitan Property and Casualty Insurance Company and its affiliates, Warwick, RI.
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