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Case 3: Standardizing a Contract

A holding company comprising several subsidiaries all of which already had their own conditions as for insurances, dealt with oil, which included great risk to the environment. As the insurances were aware of this, they included specific selfkeepings paragraphs and regulated the guaranties, though unequally. They demanded an extra declaration about stocks turnovers and salaries for the calculation of the yearly premiums.

Each subsidiary had to put forward different statistics for their insurances. This was a lot of work and the premiums were very high. An overview of all companies showed that it should be possible to get along with 20 statistics on a yearly basis. The insurance companies agreed, the subsidiaries could standardize their contracts and even the yearly premium declarations could finally be omitted.

The work of RMS consisted in standardizing the contracts, improving the range of insured items without having to raise the yearly premium. The standardizing of the contracts lead to premium savings of a good 15%.

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