Welcome at the Institute of Insurance Science!

The Institute of Insurance Science at Ulm University

The University of Ulm

The University of Ulm is a public university located in the southern part of Germany just an hour away from Munich, Stuttgart, and the Alps. It was founded as a university of medicine and natural sciences in 1967, making it one of the newer and still growing universities in the state of “Baden-Wuerttemberg.” Its campus sits on a hill on the outskirts of the city of Ulm. The campus area—also referred to as Science City—contains three major hospitals and is also home to a wide variety of industrial research and development centers. The proximity of these entities enhances interaction between industrial research and development on one side and academic teaching and research on the other.

The University of Ulm is comprised of four faculties, one of which is the Faculty of Mathematics and Economics. Currently, about 7,200 students are enrolled in the university. Its design as a university “under one roof” means that the departments of every discipline (medicine, natural sciences, mathematics and economics, engineering and computer science) are accommodated in only two major buildings, which are just a few hundred feet apart from each other, a feature that greatly facilitates interaction between different scientific disciplines.

Figure 1: Skyline of Ulm at the Danube River

The Faculty of Mathematics and Economics

Two features make Ulm University particularly interesting and unique: (1) mathematics and economics are bundled in one faculty, and (2) the faculty’s main focus is on financial services. Thus, the university provides an excellent environment for people interested in quantitative topics such as risk management and insurance. The Faculty is proud to be the first in Germany to offer a program on Mathematics and Economics (economathematics). Today, the Faculty offers various bachelor and master degrees in economathematics, economics, mathematics, and finance. One primary focus of the teaching program is on risk management, insurance, and actuarial science.

The Institute of Insurance Science

The Institute of Insurance Science, founded in 1983, is a part of the Faculty of Mathematics and Economics. It currently employs two professors (An Chen and Hans-Joachim Zwiesler), supported by research assistants and doctoral candidates as well as by administrative staff. The team is further supplemented by a number of lecturers, some of whom are well known in the risk management and insurance community (for example, Jochen Russ). Furthermore, the Institute is collaborating very closely with the Institute for Finance and Actuarial Sciences (ifa), a well-renowned actuarial consulting firm located on the university campus, and with the Research Training Group 1100, founded by the German Science Foundation (DFG) and also located at the University of Ulm.

Our department’s combination of mathematics and economics is a unique environment for both research and teaching in risk management, insurance, and actuarial science and we emphasize both research and practical applications within the industry. Our program in actuarial science is the largest of its kind in Germany.

Figure 2: Students at the top of the university building

Research

The Institute of Insurance Science is an internationally-oriented center for theoretical and empirical research in the fields of risk management, insurance economics, and actuarial science. Current research topics include asset liability management, dynamic financial analysis, the design of innovative life insurance products, longevity risks, frontier efficiency, microinsurance, performance measurement, Solvency II, and value-based management. Our team members interact with scholars in many countries, including the United States, the United Kingdom, Switzerland, and Italy, among others.

The results of research conducted by our team members have been published in leading international journals such as the Journal of Risk and Insurance, Insurance: Mathematics and Economics, Journal of Banking and Finance and the Journal of Economic Theory. Many national and international research awards were received by the team members in the last years. Among these are awards from the American Risk and Insurance Association, the International Actuarial Association, and the Casualty Actuarial Society.

Academic Program

The University of Ulm offers the largest program in actuarial science available in Germany. Both undergraduate and graduate students have the opportunity to major in actuarial science, with courses in finance, insurance, economics, statistics, and mathematics, to name just a few. The defining characteristic of the program is its integration of research, teaching, and practical application. Ulm University’s integration of insurance, finance, mathematics, and economics ensures a high-quality and extensive academic program in actuarial science.

Our cooperation with the Institute for Finance and Actuarial Sciences (ifa) provides our students with the opportunity to engage in practically relevant projects while they are still at university. Additionally, majoring in actuarial science at Ulm University results in a number of other unique advantages:

• Becoming an actuary: Students at Ulm University have the unique opportunity to take almost all of the preliminary exams required for membership in the German Actuarial Society (DAV). These exams are fully integrated into the Bachelor and Master programs.
• Obtaining a double degree in the United States: Since 1979, our students have had the option of participating in a student exchange program with well-known U.S. universities where they are able to earn a Master of Science degree from the partner university.
• Landing a good job: All our graduates have an outstanding employment outlook due to the well-known and recognized quality of education at Ulm University.
• Creating a network: An extensive network of graduates gives all our students the opportunity to create useful contacts during their studies, which can be very helpful for career entry.
• Working interdisciplinarily: Ulm University’s unique interdisciplinarity in terms of mathematics, economics, and other related fields ensures that all our insurance classes are optimally coordinated.

Our academic program offers a wide variety of lectures in the fields of risk management, insurance, and actuarial science. Some of our major lectures are:

• Insurance Economics
• Life Insurance Mathematics
• Asset Liability Management
• Health Insurance Mathematics
• Pension Mathematics
• Value- and Risk-Based Management
• Accounting for Actuaries
• Processes in Risk Management of Insurance Companies

All students studying actuarial science are provided fully developed study plans with lectures that are perfectly coordinated. Both bachelor and master students can choose from a wide variety of elective modules and small–group courses on special topics. Several practitioners are integrated into each class so that our students are taught not only theory, but also learn of current challenges in practice.

Figure 3: Students in the Fischer-Viertel, the historic city center of Ulm

Where Innovation is a Tradition

The University of Ulm is one of the newest and still growing institutions of advanced education in Germany. It has a proud history of introducing innovation in education, from offering the first program in Mathematics and Economics (economathematics) to a School of Engineering Sciences, always with a special emphasis on the cooperation between academia and industry. At Ulm University, you will find a unique, and personal, relationship between professors and students. International students in particular will discover a challenging but very supportive environment, one that makes Ulm University a recognized leader among German universities.

More details about ongoing and new programs in risk management and actuarial science can be found at our website (in German) Information on our English Master program can be found on the respective pages of our faculty.