Insurance Management

Management Accounting in Insurance Companies

Integrated course, 3.00 ECTS

 

Course content

During this course, students establish management accounting as strategic instrument for the management of insurance companies. Particular emphasis will be put on accounting/controlling methods as applied in practice.

The core contents of this course include:
[1] Functions and structure of management accounting systems in insurance;
[2] Indicator-based management of insurance companies;
[3] Product pricing and controlling;
[4] Management by business units; modelling of business processes and cost allocation;
[5] Capital budgeting; breakdown of key indicators.
Optional contents can include:
[6] Overview and architecture of management accounting systems;
[7] Investment performance: key indicators.

Learning outcomes

Successful participants in this module have a thorough understanding of the integrated and indicator-based management of insurance companies. In particular, they are conscious of the requirements and challenges in the areas of risk and capital management and can incorporate these aspects into their decision making skills at the enterprise level. This supports a holistic understanding of value creation in the insurance business. In the following modules this knowledge will be applied when discussing insurance products and sales strategies. Additionally, current regulatory frameworks will be discussed in detail.

Post completion of this module, students will have a holistic understanding of the insurance sector, practical aspects of the management of insurance companies and the evaluation of single business areas. During a project students will be able to strengthen their social, team and presentation skills.

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: ILV

Prerequisites and co-requisites

Modules IFG, FIR, VBU, AUR, QFM (1, 2, 3, 7, 8)

Assessment methods and criteria

ILV: final exam, assessment of active course participation