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Multiline Insurance
A multiline insurance contract is a type of insurance policy that bundles different exposures to risk and covers them under a single contract. These policies provide additional income for the providers, while simultaneously offering increased convenience and premium discounts to policyholders. The practice of bundling has become widespread in recent years. According to a J.D. Power study, satisfaction levels are significantly higher when auto insurance customers bundle their auto policy with additional policies.
More About Multiline Insurance
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A multiline insurance contract describes a policy that bundles different areas of coverage.
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For personal insurance, a bundled policy may include car, home, and life insurance coverage.
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For commercial insurance, a bundled policy may cover loss of life, as well as physical and intellectual property theft.
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Customers benefit from bundled policies because they offer discounts while streamlining customer service.
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Companies benefit from offering bundled policies because it mitigates potential payouts.