Safeco has launched a new Annual Auto product in Pennsylvania.

The Annual Auto product, which joins the insurer’s six-month policy, is designed to boost retention by lessening the likelihood of customers shopping for a new policy, company officials said. The annual policy also should decrease time and paper agencies must devote to clients, the company said.

The Annual Auto product is for preferred and standard customers, and billing can be on a four-pay, full-pay or monthly recurring payment option.

This story originally appeared in the February 2010 print edition of Insurance & Financial Advisor.