Department of Management

Insurance Management

My Studies

 

Curriculum

1. Semester

Finance & Acounting 1 | Integrated course (iL) | Coursecode: 200752106 International GAAP 2 SWS 3 ECTS
Finance & Acounting 1 | Integrated course (iL) | Coursecode: 200752107 Quantitative principles of risk management 2 SWS 4 ECTS
International Financial System and Monetary Policy | Lecture (Vo) | Coursecode: 200752103 Consumer, investor and creditor protection 2 SWS 3 ECTS
International Financial System and Monetary Policy | Lecture (Vo) | Coursecode: 200752102 Financial market regulation and monetary policy 3 SWS 5 ECTS
International Financial System and Monetary Policy | Lecture (Vo) | Coursecode: 200752101 International Financial System 2 SWS 4 ECTS
Marketing and Sales | Integrated course (iL) | Coursecode: 200752109 CRM, market and customer analysis in the financial sector 2 SWS 3 ECTS
Marketing and Sales | Integrated course (iL) | Coursecode: 200752108 Customer Journey Management 2 SWS 3 ECTS
Personal Sklls 1 | Project thesis (PT) | Coursecode: 200752105 Agile Project Management 2 SWS 3 ECTS
Personal Sklls 1 | Tutorial (Ue) | Coursecode: 200752104 Personal Skills and Communication in Sales 2 SWS 2 ECTS

2. Semester

Finance & Accounting 2 | Integrated course (iL) | Coursecode: 200752205 Analysis of Financial Reports 2 SWS 3 ECTS
Finance & Accounting 2 | Integrated course (iL) | Coursecode: 200752206 Asset Management 2 SWS 3 ECTS
Innovation management and corporate strategy | Integrated course (iL) | Coursecode: 200752202 Entrepreneurship and Business Models 2 SWS 3 ECTS
Innovation management and corporate strategy | Integrated course (iL) | Coursecode: 200752201 Innovationsmanagement 2 SWS 3 ECTS
Process & project management | Integrated course (iL) | Coursecode: 200752204 Information and Data Management 2 SWS 3 ECTS
Process & project management | Integrated course (iL) | Coursecode: 200752203 Process management and digitization of business processes 2 SWS 3 ECTS
Field Insurance Management:
Insurance Management 1 | Integrated course (iL) | Coursecode: 200752214 Reinsurance and Alternative Risk Transfer 1 SWS 2 ECTS
This course discusses reinsurance as a key instrument to manage risk and capital in insurance companies. Specific examples of the application of reinsurance of direct insurers are given, and some attention is given to insuring natural catastrophes. This course can be seen as supplement to the risk and capital management course. Finally, insurance linked securities are presented as instruments allowing to trade insurance risk in the capital markets.

The core contents of this course include:
[1] Product classes in reinsurance; impact on the direct insurer's risk profile;
[2] Reinsurance market; counter-party risk in reinsurance;
[3] Natural catastrophes (NATCAT): overview, risk models, pricing basics;
[4] Relationship direct insurer vs. reinsurer (incl.exchange of data);
[5] Accounting of reinsurance contracts; effect on capital requirements (e.g. Solvency II);
[6] Alternative risk transfer: securitisation of insurance risk (incl. structuring costs); insurance linked securities: scope of application, market.
Optional contents can include:
[7] Typical structure of reinsurance contracts;
[8] Implications of a bankruptcy of the direct insurer or reinsurer;
[9] Mortality swaps and mortality-linked securities.

Teaching language may be English.
Insurance Management 1 | Integrated course (iL) | Coursecode: 200752215 Risk and Capital Management in Insurance Companies 2 SWS 3 ECTS
This course deepens the understanding of risk management as a central driver of success of insurance companies. The connection between risk and return in the insurer's core business is established and the impact of regulation is discussed in detail. In a case study, students construct a model to compute the capital requirements of an insurance company, which will allow them to test the impact of various risk/return factors on financial results.

The core contents of this course include:
[1] Types of risk in insurance;
[2] Financial reporting, supervisory and regulatory requirements;
[3] Connection between portfolio risk and capital requirements;
[4] Detailed discussion of regulatory regimes (e.g. Solvency II);
[5] Design and implementation of a risk-based capital model (e.g. Solvency II);
[6] Risk and capital budgeting in insurance companies.
Optional contents can include:
[8] Control of operational and other risks;
[9] Risk management through reinsurance and risk securitisation.
Insurance product management | Integrated course (iL) | Coursecode: 200752213 Product management in asset insurance 1 SWS 1.5 ECTS
The LV provides an understanding of product design and the basics of premium calculation in property insurance.

The core contents include:
[1] Motor vehicle liability insurance
[2] Public liability insurance and product liability
[3] Special cover for certain professional groups
[4] Legal expenses insurance
[5] Business interruption insurance
[6] Credit insurance
[7] Premium calculation; demand premium, costs, risk surcharge, multi-year premium calculation;
[8] Treatment of major losses, accumulation losses; contractual aspects.
[9] Modern actuarial concepts: e.g. credibility approach, clustering, multivariate analyses, neural networks;
[10] Risk-adequate pricing as an economic management tool.
Insurance product management | Integrated course (iL) | Coursecode: 200752211 Product management in personal insurance 3 SWS 4 ECTS
The LV gives an overview of the main products of personal insurance and their calculation. Against the background of new framework conditions, a lot of space is given to product development. Above all, the focus is to be on the relationship between product features and risk or capital requirements, and thus an economic perspective.

The core contents comprise:
[1] Life insurance products: classic life insurance (endowment vs. death); unit-linked and index-linked insurance; modern variants of classic life insurance (e.g. combinations with unit-linked and index-linked products);
[2] health insurance products: Adverse selection problem and deductibles (signalling); product variants of health insurance;
[3] Accident insurance products and pricing
[4] Product development process (sales, actuarial office, back-office) Case studies;
[5] Product calculation based on individual characteristics.
Optional contents may include:
[6] Valuation of options and guarantees in life insurance;
[7] Comparative analysis of private health insurance systems abroad; e.g. examples Switzerland, USA.
[8] Ideas and problems in modeling mortality risk.
Insurance product management | Integrated course (iL) | Coursecode: 200752212 Product management in property insurance 1 SWS 1.5 ECTS
The LV provides an understanding of product design and the basics of premium calculation in property insurance.

The core contents include:
[1] Property insurance products, in particular fire, storm, burglary, tap water, transport, motor vehicle insurance
[2] Contract construction: understanding of bonus-malus systems; effect of deductibles; limits; motivation of self-insurance/self-protection;
[3] Premium calculation; demand premium, costs, risk surcharge, multi-year premium calculation;
[4] Calculation for product bundling, cross-selling, overall customer, participation of sales in product success;
[5] Treatment of major losses, accumulation losses; contractual aspects
[6] Modern actuarial concepts: e.g. credibility approach, clustering, multivariate analyses, neural networks;
[7] Risk-adequate pricing as an economic control instrument.

3. Semester

Leadership and Management 1 | Integrated course (iL) | Coursecode: 200752303 Change Management 2 SWS 3 ECTS
Leadership and Management 1 | Lecture (Vo) | Coursecode: 200752302 Corporate Governance & Compliance 2 SWS 3 ECTS
Personal Skills 2 | Tutorial (Ue) | Coursecode: 200752301 Leadership and Motivation 2 SWS 2 ECTS
Research Seminar | Seminar (Se) | Coursecode: 200752304 Qualititative Research Methods 2 SWS 2 ECTS
Research Seminar | Seminar (Se) | Coursecode: 200752305 Quantitative Research Methods 2 SWS 3 ECTS
Field Insurance Management:
Insurance Management 2 | Integrated course (iL) | Coursecode: 200752311 Actuarial Topics and ALM in Insurance 2 SWS 3 ECTS
In this course the scope of activities of actuaries is examined. This is done by discussing actuarial topics which are related to the pricing of and reserving for insurance products, or risk and capital management. A particular focus is set on current topics and trends. A discussion of the challenges and opportunities in an insurance company's asset and liability management is also given.

The core contents of this course include:
[1] Overview of the role and scope of activity of actuaries (pricing, reserving, marketing);
[2] Actuarial techniques in product development (incl. profit testing);
[3] Modern reserving methods (e.g. chain ladder method);
[4] Valuation of options and warranties embedded in insurance contracts;
[5] Technical cash flows as basis for insurer ALM;
[6] Selection of the investment portfolio; regulatory requirements;
[7] ALM concepts for insurance companies (e.g. sources of volatility, life vs. non-life, sensitivities, hedging).
Optional contents can include:
[8] Other modern actuarial topics (e.g. EEV/MCEV).
Insurance Management 2 | Integrated course (iL) | Coursecode: 200752312 Management of Insurance Companies 3 SWS 5 ECTS
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;
Modultitel Englisch | Integrated course (iL) | Coursecode: 200752314 Innovative business models in personal insurance 2 SWS 3 ECTS
Occupational and private provision is becoming increasingly important in Austria, which results in additional market potential for insurance companies in the area of personal insurance. This course will go into this important branch in more detail. In addition to the general conditions, business models of concrete products will be discussed.

The core contents should include
[1] General conditions for life/health/accident/provision products in Austria; legal and fiscal conditions;
[2] General conditions for occupational health insurance and pension products in Austria; legal and tax framework;
[3] Products and business models: sales and risk strategy; product classes: safeguarding the future, direct benefit commitments, company group insurance, pension funds, employee provision funds, group health insurance;
[4] Special features in the sale of company health insurance and pension products; key account management;
[5] Current developments in the insurance sector regarding innovative business models in personal insurance
Modultitel Englisch | Integrated course (iL) | Coursecode: 200752315 Innovative business models in property and asset insurance 2 SWS 3 ECTS
On the one hand the theoretical component of business models and corporate strategy in the property and asset insurance sector is explained. On the other hand, the theory is illustrated by practical examples which are reflected and discussed by the students.

The core contents should comprise:
[1] General conditions for property and wealth insurance products in Austria;
[2] Business models: risk and distribution strategy;
[3] Differences in sales to private/commercial customers;
[4] Adaptation/redesign of business models in response to changed conditions;
[ 5] Case studies on innovative business models of composite insurers, single-line or specialty insurers, direct insurers.
Optional contents may include:
[6] Claims and benefit management in property and asset insurance
[7] Detection of insurance fraud and countermeasures; yield-related aspects;
[8] "Big Data" in the insurance sector;
Sales Management in Insurance | Project thesis (PT) | Coursecode: 200752313 Sales Management in Insurance 2 SWS 3 ECTS
It is especially in times of changing market environments and new communication channels that active sales management is key to business success in insurance. This course deals with the major components of operational and strategic sales management in insurance. Functions of sales management are discussed in detail, as well as relevant legal/regulatory aspects.

The core contents of this course include:
[1] Sales policy and organisation; multi-channel mix;
[2] Planning of sales processes;
[3] Strategic vs. operational sales controlling; reporting and benchmarking; indicators; actual and target analysis; control instruments;
[4] Incentive schemes in sales (e.g. target agreements, pay structure; commissions);
[5] Legal framework (e.g. customer protection, tax considerations, IMD II, VersVG);
[6] Application of the learning contents during a case study.
Optional contents can include:
[7] Potential challenges in sales management;
[8] Use of modern sales channels (internet, social media).

4. Semester

Leadership and Management | Integrated course (iL) | Coursecode: 200752401 Conduct of Business: Ethical, Social and Environmental Issues 2 SWS 3 ECTS
Modultitel Englisch | Seminar (Se) | Coursecode: 200752402 Master Seminar 2 SWS 2 ECTS
Modultitel Englisch | Master Thesis (MA) | Coursecode: 200752403 Master thesis and Master examination 0 SWS 21 ECTS
Field Insurance Management:
Insurance Innovations | Project thesis (PT) | Coursecode: 200752406 Insurance Case Studies 1 SWS 2 ECTS
Within the framework of the course, students work on case studies from the insurance industry. The selection of the case studies to be worked on is based on the current challenges of the insurance industry and is particularly dedicated to solution-oriented strategy development.

Contents of the case studies may include
[1] Insurance business (especially internal business processes)
[2] Sales and marketing
[3] Further and new development of business models
[4] Product innovations
[5] Regulatory issues
[6] Changing market conditions
[7] Human resources management
[8] Corporate strategy
Insurance Innovations | Tutorial (Ue) | Coursecode: 200752407 InsureTech (excursion) 1 SWS 2 ECTS
The course includes a practical excursion to innovative companies and institutions of the financial and in particular insurance industry in Austria or abroad. During the excursion the participants will gain insights into new business models of so-called InsurTech companies and their working methods.