Insurance Management

Management of Insurance Companies

Integrated course, 5.00 ECTS

 

Course content

The course helps students to understand controlling as a strategic control instrument in the insurance company. The focus is on demonstrating methods used in practice and their concrete application. The course also creates a deep understanding of cause-effect relationships in insurance companies. The scope of the course should range from the definition of a company's objectives and strategy to the measurement of the achievement of objectives. An important aspect is the economic perspective in terms of value orientation.

The core contents should include
[1] Functions and structure of the insurance controlling system;
[2] Key figure-based strategic corporate management in insurance companies;
[3] Product calculation and product controlling;
[4] Procedures for capital allocation; decomposition of corporate key figures;
Optional contents may include:
[5] Key figures for capital investments;
[6] Objectives of insurance companies (incl. shareholder value vs. stakeholder value); business models of insurance companies;
[7] Profit and value-oriented management of insurance companies;
[8] Business valuation of insurance companies (DCF, EVA, etc.);
[9] Value-based management (key figures tree, capital-based);
[10] Management responsibility; decision-making powers of management; role of owners according to the organizational form;

Learning outcomes

Graduates have a detailed understanding of integrated and indicator-based insurance management and are able to link these in the sense of cross-company management. Thus, graduates have a holistic understanding of the insurance sector, which is central in practice at the corporate management level, but also in the evaluation of individual business units or business areas. In the planned project work, social competence, teamwork and presentation skills are also strengthened.

Recommended or required reading and other learning resources / tools

References: Briys/de Varenne (2001): Insurance: From Underwriting to Derivatives, Wiley. Hallmann et al (2008): Steuerung von Versicherungsunternehmen, Schäffer-Poeschel. Nguyen/Romeike (2013): Versicherungswirtschaftslehre, Springer. Noack et al (2010): 100 Versicherungskennzahlen, cometis. Romeike (2003): Balanced Scorecard in Versicherungen, Gabler. Romeike et al (2008): Risikomanagement im Versicherungsunternehmen, Wiley.
Academic journals: -

Mode of delivery

3 ECTS: Project (PT)

Prerequisites and co-requisites

Module 11

Assessment methods and criteria

PT: assessment of active course participation, grading of project work