Yes, it is possible.
This could require longer daily practice sessions on your part if your doing different things with each teacher. Also, money comes to mind as your paying for two teachers as well as materials.
Possible reasons and/or advantages might include:
1. Different teachers will have different strengths and weaknesses.
2. They most certainly will have different personalities.
3. Hearing something explained differently might be easier for you to understand.
4. One teacher might catch something the other teacher missed.
5. One might teach only classical and the other pop, jazz and blues.
6. Improvisation as well as composition and orchestration perhaps might be addressed.
7. More experience in one area than the other teacher. Say, music history for instance.
8. A new teacher with limited teaching experience but who uses the newest teaching techniques who is familiar with electronic technology might be a useful adjunct.
9. A seasoned teacher with a doctorate and 25+ years teaching experience with upwards of 30 students per week. Contrast this with number eight above.
10. One may be more of an expert with a particular composer. One teacher I know is something of a Chopin expert while another one is a Bach expert. Check out BachScholar on YouTube for instance.
11. Different teaching styles, methods, requirements, expectations could be radically different.
12. Just for laughs. One may smell better or be much prettier.
13. Different practice suggestions, helpful tips, a lending library of music CD's or scores, recording setups, etc.
14. Exposure to two different interpretations of a piece.
It is impossible for any one person in any field of endeavor to be all things. Piano teachers are no different in this regard. It is impossible for one person to "know everything" there is to know about piano. This is why very often a student "outgrows" a teacher and moves on to another. Although, this is different than having two teachers concurrently, it does validate the point.
I personally, would neither be overwhelmed nor confused with two teachers but I could certainly understand how this could be the case for others.
I'm sure this is just the "tip of the iceberg". I believe use as many resources, tools, teachers as you deem necessary. However, the "norm" seems to be one teacher, one book, one lesson per week.
Hope that helps, Joe.