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Is It Wise To Bundle Insurance Policies?
InsurTech

Is It Wise To Bundle Insurance Policies?

By Ankan November 26, 2021 - 416 views

In today’s unstable economy, all of us are thinking about all the possible ways to save up some money each month – reducing fuel consumption, consuming the least amount of electricity, using online discount offers for getting groceries, and what not!

But one very important way to save money mostly goes unnoticed by us. Yes, the evaluation of our insurance policies. Most of us have various insurance policies from various companies that can easily be bundled together, and the benefits of bringing them under one roof are astonishing. Some call it multiline discount.

Multiline insurance in simple words is a bundled insurance coverage that covers the risks to different exposures and covers all of it under a single contract. Though the concept has been in the rounds for quite some time, however, not many of us are aware of it because of certain reasons.

When it comes to insurance, it is dominated by a certain set of habits. When we think of health insurance, we usually end up selecting the same company as our parents or friends. This happens because we prefer familiarity over quality and money. Though this is a simple selection, we often end up with multiple companies covering multiple risks for us, and the price that we pay is huge.

Let’s look at the benefits of bundling insurance policies to judge whether bundling is a wise choice, or not.

1. Savings

The most obvious and well-known advantage of bundling all your insurance policies under one company is the savings you make. TrustedChoice.com, a leading digital insurance marketing platform, revealed that usually, companies offer a discount rate of 10-15% on bundled policies. Certain companies offer up to 30% discount on each premium if any customer bundles three different insurance policies!

So, if two of your insurance policies from two different insurers add up to $2000 annually, upon bundling them you would get a minimum discount of 10% which means you get to save $200 per year.

Go on, hurry up and calculate your savings!

2. Centralized Premiumness

Apart from the savings, multiline insurance also helps customers enjoy a premium experience.

Having all your policies under one roof means that you are no more required to deal with multiple insurance companies or their agents. Bundling policies under a single company means you get one bill and a single point-of-contact who will help you out with all your insurance-related queries and concerns.

You also get easy access to all the information about your insurance policies in one place without having to fret over having to log into multiple accounts. This also makes the claims process easier and faster.

3. Hyper-personalized CX

Another interesting advantage of bundling is making good use of data analysis to offer unique services to each prospect.

Having a one-to-one conversation with a representative from the company or the agent will give them a deeper understanding of your insurance requirements and your financial situation.

Therefore, they will be able to offer the right set of policies, look for potential savings, and inform you about great deals and discounts that you can opt for. Making any amendments in any of the policies also becomes easy when you have just one insurance provider managing all of them.

This not only ensures that you save a few thousand bucks but also allows you to be stress-free.

In conclusion, if you need more than one policy for yourself or the family, it is always better to opt for multiline insurance. And if you are wondering which are the top multiline insurance providers that you should check out, then we have the updated list here.