Courses Offered in the Summer Semester

Proseminar: Case Studies in Enterprise Risk Management

Lecturer
Prof. Randy Dumm; Prof. Michael R. Hubbel
Language
English
Target group
B.Sc. Business Administration; B.Sc. Business Education
Link
LSF
Registration
Required via contact form
Cycle
Summer semester
ECTS & SWS
6 ECTS & 4 SWS
Course format
Hybrid
Course content
As the name implies, this course uses a case study approach to educate students about Enterprise Risk Management (ERM) and its applications. Corporations today face a wider array of risks than ever before, and investors, regulators and other parties are demanding that management understand and manage these risks in the most effective and efficient manner possible. In this setting, the course uses a series of case studies and interactions with industry professionals to develop an understanding of issues related to managing risk across the firm, how ERM supports the strategic objectives of the firm, and the value-added proposition of ERM for the firm and its stakeholders.


The course will focus on 1) the fundamentals of risk, risk management and ERM, 2) the ERM function and implementation process, 3) the use of ERM to identify and evaluate firm risks and related exposures and 4) the role of ERM in supporting firm strategic goals and objectives. Harvard Business Review case studies will be used during the course to highlight the ERM process and its concepts

During the course, the students will participate in meetings with executives from companies located in Munich. Students will have the opportunity to further develop individual writing and reporting skills by providing a written summary of the corporate visits. Students also will have the opportunity to work in groups to evaluate a specific company based on that company’s reported operational information, financial data, and the risks disclosed in the corporate financial reports (e.g., Form 10K reports) and to present their findings to the class.
Exam format
Individual written summary report + group presentation

Advanced Seminar: Insurance Demand and New Business Models

Language
English
Target group
B.Sc. Business Administration; B.Sc. Business Mathematics
Link
LSF, Syllabus (PDF, 138 KB)
Registration
Required, allocation for Business Administration students is done centrally via ISC
Cycle
Summer semester
ECTS & SWS
6 ECTS & 4 SWS
Course format
In-person
Course content
The analysis of insurance demand is influenced by scientific findings on the behavior of potential policyholders but also strongly by changes in the actual underlying conditions. For example, the increasing influence of online experiences changes customer expectations and behavior, and the situation of private pension provision requires more personal initiative. In addition, personal risk attitudes and perceptions are changing with their environment.

On the other hand, the insurance industry is changing dynamically in many dimensions. The evolving demand situation, new risks, and rapidly advancing digitization require business-ready responses. The competitive environment is more challenging than ever: InsurTechs are entering the market and insurers no longer see themselves solely as risk carriers but rather as holistic service providers. Such new circumstances must be analyzed and new opportunities classified in order to be able to build new business models on them.

The seminar targets to familiarize the participants with the main concepts, methods, and empirical findings to analyze insurance demand and new business models in risk management and insurance. This includes the preparation and presentation of a home assignment as well as participating in the discussion during joint sessions. The seminar covers theoretical, empirical and experimental research topics. The topics will be discussed with active involvement of the participants. Learning and research strategies are to be conveyed, so that students are empowered to acquaint themselves with a scientific problem and read up on relevant literature. Furthermore, as a basis for the Bachelor Thesis, students should be familiarized with the independent composition of a scientific piece of work.
Exam format
Seminar paper + presentation

Praxis der PR: Communicative Leadership

Lecturer
Emilio Galli Zugaro
Language
German
Target group
B.Sc. Business Administration
Cycle
Winter and Summer semesters
Registration
Required via contact form
ECTS & SWS
6 ECTS, 4 SWS
Course format
Online via Zoom, weekly, 5 sessions
Course content
The acceptance of employees, customers, investors, and society is a prerequisite for sustainable corporate success. Only managers who communicate excellently can achieve this. The "Communicative Leadership" course explains and analyzes leadership, corporate, and communication strategies. In particular, the development of stakeholder-oriented strategies is the focus of this course. The application of the learned concepts to practical situations is also emphasized.
Textbook
Galli Zugaro, E.; Galli Zugaro, C. (2017): The listening leader. How to drive performance by using communicative leadership.

20 copies of this book are available for borrowing in the library of the Institute for Risk Management and Insurance (Schackstr. 4, 80539 Munich, 3rd floor).
Exam format
Presentation + one-hour written exam.

Risiko und Versicherung

Lecturer (Lecture)
Prof. Dr. Andreas Richter
Language
German
Target group
B.Sc. Business Administration; B.Sc. Business Education; B.Sc. Economics; B.Sc. Business Mathematics; Minor in Business Administration
Link
LSF, Moodle
Cycle
Winter and summer semesters
ECTS & SWS
6 ECTS, 4 SWS
Course format
Hybrid, weekly lecture & exercise
Course content
"Risiko und Versicherung" provides an overview of insurance markets and highlights the peculiarities of insurance business. To this end, the insurability of risks (including catastrophic risks such as terrorism) and the insurance-technical design of individual risks, in particular through insurance forms, are discussed or explained.
Textbook
Karten, Walter, Nell, Martin, Richter, Andreas, and Schiller, Jörg (2018): Risiko und Versicherungstechnik – Eine ökonomische Einführung, Springer Gabler.

Students can download it for free from the University Library.
Exam format
Two-hour exam

Integrating AI Tools in Risk and Insurance

Lecturer
Leonard Külpp
Language
English
Target group
B.Sc. Business Administration
Link
LSF, Moodle
Registration
Required via contact form
Cycle
Winter and summer semester
ECTS & SWS
3 ECTS, 2 SWS
Course format
In-person, weekly
Course content
This course provides an introduction to various AI tools and how they can be used in the insurance related questions. The course will cover various AI tools such as Auto-GPT, ChatGPT, DALL-E 2, Llama 2, and how they can be applied to solve insurance problems.

Furthermore, the course will cover various topics in insurance including value at risk, Monte-Carlo simulation, underwriting and financial analysis of insurance companies. The course will provide a practical understanding of these concepts.

Throughout the course, students will participate in hands-on exercises and projects to apply their knowledge and gain practical experience using AI tools in insurance scenarios. Overall, this course offers a comprehensive introduction to the utilization of AI tools in insurance problems. Depending on the coding skills of the students, students will build a ChatGPT plugin and/or a custom chatbot based on ChatGPT. Moreover, students will have the opportunity to delve deeper into selected topics of risk and insurance, by applying and extending concepts covered in the related course, "Risk and Insurance."
Exam format
Presentation

Versicherungsbilanzen

Lecturer
Dr. Christian Knoller
Language
German
Target group
B.Sc. Business Administration; B.Sc. Mathematics and Statistics with minor in Insurance and Risk Management; B.Sc. Business Mathematics
Link
LSF, Moodle
Cycle
Summer semester
ECTS & SWS
6 ECTS, 4 SWS
Course format
In-person, weekly lecture and exercises
Course content
Due to the specific characteristics of insurance production, an insurance balance sheet has a special position in external accounting. In the Insurance Balance Sheets course, industry-specific regulations according to HGB, IFRS/IAS and US-GAAP will be covered.
Exam format
Two-hour written exam
Syllabus
Syllabus (PDF, 96 KB)

Reinsurance

Lecturer
Dr. Peter Liebwein
Language
English
Target group
M.Sc. Business Administration; M.Sc. Financial and Insurance Mathematics
Link
LSF, Moodle
Registration
Required via contact form
Cycle
Summer semester
ECTS
6 or 3 ECTS
Course format
In-person, blocked in the middle of the semester.
Course content
The lecture provides an overview on insurance companies’ risk management with a specific focus on reinsurance. Here, reinsurance will be derived as an option to mitigate insurance risks. In context of reinsurance, proportional and nonproportional types of reinsurance will be studied accordingly; some typical evaluation approaches, i.e. pricing approaches, will be analysed for respective types of treaties. Finally, a brief overview on alternative risk transfer instruments such as insurance linked securities (ILS) will be presented.
Exam format
Oral exam + seminar paper

Value-based Management of Financial Institutions

Lecturer
Hon.-Prof. Dr. Thomas C. Wilson
Language
English
Target group
M.Sc. Business Administration
Link
LSF, Moodle
Registration
Required via contact form
Cycle
Summer semester
ECTS & SWS
6 ECTS, 4 SWS
Course format
Online via Zoom, weekly
Course content
Although the benefits of insurance may be obvious to the policyholder when the earth shakes or the wind blows, how insurance companies and banks create value for shareholders is oftentimes less transparent. Similar to an industrial corporation, banks and insurers need to focus on securing profitable growth opportunities and achieving cost efficiency. However, financial institutions are different from industrial corporations in three important ways: the products we sell involve risk, implying that our “cost of goods sold” only becomes clear over time; we create value for shareholders and our customers by underwriting and managing that risk; and, finally, the risk, as well as regulatory and rating agency considerations, play a key role in defining our capital structure. These differences make financial institutions inherently more complex, a situation that is not helped by traditional accounting rules.

This course focuses on how to manage financial institutions for value with a deeper focus on insurance. During the course of the seminar, a valuation framework including key value drivers will be developed for insurance and banking businesses. In addition, generic management actions or “rules of the game” will be developed for creating value through profitable growth, cost efficiency, underwriting excellence, and capital efficiency. In this context, the role of balance sheet management, risk management, and strategic planning will be discussed.

In the middle of the Semester, seminar participants will be asked to present an outside-in valuation of an actual insurance company based on public information. At the end of the Semester, seminar participants will be asked to present a strategic plan to “management” on how the company can increase its value. Both presentations will be made to industry executives who will evaluate the conclusions and provide feedback.
Exam format
Group presentations + written assignment

Insurance Economics

Lecturer
Dr. Johannes Maier
Language
English
Target group
M.Sc. Business Administration; M.Sc. Financial and Insurance Mathematics; M.Sc. Mathematics; M.Sc. Statistics
Link
LSF, Moodle
Cycle
Summer Semester
ECTS & SWS
6 ECTS, 4 SWS
Course format
In-person, weekly
Course content
This course deals with core concepts of the theory of insurance demand. After a review of essentials of decision theory, the optimal design of insurance products is addressed from an information economics point of view. Optimal risk sharing in a complete information setting is discussed as the benchmark case. The main emphasis is placed on principal agent problems due to superior knowledge of the insured. In particular, the class covers adverse selection and moral hazard, which heavily affect almost any real-life insurance market. Implications for product design as well as the interaction between insurance and other markets are analyzed.
Exam format
Two-hour written exam

Projektkurs: Versicherungsmanagement

Language
German or English
Target group
M.Sc. Business Administration
Link
LSF-Link to Project Course Insurance Management I (mandatory enrollment),
LSF-Link to Project Course Insurance Management II (voluntary enrollment)
Registration
Required, allocation is done centrally through ISC
Cycle
Summer Semester
ECTS & SWS
12 ECTS, 9 SWS
Course format
In-person
Course content
The project course "Versicherungsmanagement" is divided into two parts.

Part 1: Project work "Executive Report" (6 ECTS)
Theoretical foundations are developed and project insights are recorded in a written report. The content is strongly oriented towards the case study to be worked on in Part 2. This ensures, on the one hand, that a helpful theory-based foundation is laid for the case study. On the other hand, it guarantees the intensive processing and documentation of the assigned task.

Part 2: Case studies in cooperation with the practice partner (6 ECTS)
The case studies are designed to provide students with insight into the practice of insurance management. In cooperation with the practice partner, current problems are analyzed in small groups. The results are to be prepared independently and presented to the practice partner and course participants afterwards.
Exam format
Executive Report + presentation