Institute of Insurance Science

Consultation hour

By email appointment

CV

  • Current Position: Lecturer and Researcher at the Insitute of Insurance Science, Ulm University
  • 2019: Ph.D. in Management and Economics (Dr. rer. pol.) with focus Behavioral Insurance, Institute of Insurance Science, Ulm Univeristy
  • 2014: Master of Science in Mathematics and Management, Ulm University
  • 2014: Master of Science in Mathematics, Syracuse University, NY, USA

For further information see Linkedin.

Teaching

List of Lectures and Seminars

  • Summer Term 2024: Asset-Liability-Management in Insurance
  • Winter Term 2023/24: Life-, Health- and Pension-Mathematics (Exercises: Yusha Chen)
  • Winter Term 2023/24: Ausgewählte Aspekte der Versicherungsmathematik (Bachelorseminar)
  • Winter Term 2023/24: WiMa-Praktikum II (with Prof. Kling and Prof. Ruß)
  • Summer Term 2023: Actuarial Data Science (Exercises: Leonard Gerick)
  • Summer Term 2023: Asset-Liability-Management in Insurance
  • Summer Term 2023: Ausgewählte Aspekte der Versicherungsmathematik (Bachelorseminar)
  • Winter Term 2022/23: Life-, Health- and Pension-Mathematics (Exercises: Yusha Chen)
  • Winter Term 2022/23: WiMa-Praktikum II (with Prof. Kling and Prof. Ruß)
  • Winter Term 2022/23: Ausgewählte Aspekte der Versicherungswirtschaft (Bachelorseminar, with Prof. Chen)
  • Winter Term 2022/23: Ausgewählte Aspekte der Versicherungsmathematik (Bachelorseminar, with Prof. Zwiesler)
  • Summer Term 2022: Asset-Liability-Management in Insurance
  • Summer Term 2022: Actuarial Data Science (jointly with Prof. Chen)
  • Winter Term 2021/22: Life-, Health- and Pension-Mathematics (Exercises: Dr. Rach)
  • Winter Term 2021/22: Special Aspects of Insurance Mathematics (with Prof. Ruß)
  • Winter Term 2021/22: WiMa-Praktikum II (with Dr. Kling)
  • Winter Term 2021/22: Ausgewählte Aspekte der Versicherungswirtschaft (Bachelorseminar, with Prof. Zwiesler)
  • Winter Term 2021/22: Ausgewählte Aspekte der Versicherungsmathematik (Bachelorseminar, with Prof. Zwiesler)
  • Summer Term 2021: Asset-Liability-Management in Insurance
  • Winter Term 2020/21: Risk Management in Insurance (Exercises: T. Sehner)
  • Winter Term 2020/21: Life-, Health- and Pension-Mathematics (Exercises: Dr. Rach)
  • Winter Term 2020/21: Special Aspects of Insurance Mathematics (with Prof. Ruß)
  • Summer Term 2020: Risk Theory II (Exercises: Dr. Bosserhoff)
  • Summer Term 2020: Asset-Liability-Management in Insurance (Prof. Zwiesler)
  • Summer Term 2020: WiMa-Praktikum II (Prof. Ruß)
  • Summer Term 2020: Special Aspects of Insurance Mathematics (Dr. Kling)
  • Winter Term 2019/20: Risk Theory I (jointly with Dr. Nguyen)
  • Winter Term 2019/20: Investition (Prof. Zwiesler)
  • Winter Term 2019/20: Special Aspects of Insurance Mathematics (Prof. Ruß)
  • Winter Term 2019/20: WiMa Praktikum II  (Dr. Kling)
  • Summer Term 2019: Asset-Liability-Management in Insurance (Prof. Zwiesler)
  • Summer Term 2019: Rechnungslegung für Aktuare (Dr. Dotterweich)
  • Summer Term 2019: Robust and Subjective Approaches in Risk Management (Special Topics in Actuarial Mathematics) (Dr. Stahl)
  • Summer Term 2019: WiMa Praktikum II  (Prof. Ruß)
  • Winter Term 2018/19: Selected Topics in Insurance Mathematics (Prof. Ruß)
  • Winter Term 2018/19: Von der Standardformel zum internen Modell (Dr. Stahl)
  • Summer Term 2018: Asset-Liability-Management in Insurance (Prof. Zwiesler)
  • Summer Term 2018: Ausgewählte Aspekte in Aktuarwissenschaften (Dr. Pfeuffer/Bergmann)
  • Winter Term 2017/18: Investition (Prof. Zwiesler)
  • Winter Term 2017/18: Masterseminar Aktuarwissenschaften (Prof. Ruß)
  • Winter Term 2017/18: WiMa Praktikum (Prof. Stahl)
  • Summer Term 2017: Asset-Liability-Management in Insurance (Prof. Zwiesler)
  • Summer Term 2017: Operationelles Risiko - Einführung in die Theorie und Praxis bei Versicherungen (Dr. Stahl)
  • Winter Term 2016/17: Ausgewählte Aspekte der Versicherungsmathematik (Bachelorseminar, Prof. Zwiesler)
  • Winter Term 2016/17: Ausgewählte Aspekte der Versicherungswirtschaft (Bachelorseminar, Prof. Zwiesler)
  • Winter Term 2016/17: Qualitatives Risikomanagement in der Versicherung (Dr. Stahl)
  • Summer Term 2016: Asset-Liability-Management in Insurance (Prof. Zwiesler)
  • Summer Term 2016: Ausgewählte Aspekte der Versicherungsmathematik (Bachelorseminar, Prof. Zwiesler)
  • Summer Term 2016: Qualitatives Risikomanagement in der Versicherung (Dr. Stahl)
  • Summer Term 2016: Brush-Up Kurs (Versicherungwirtschaft)
  • Winter Term 2015/16: Investition (Prof. Zwiesler)
  • Winter Term 2015/16: Modellunsicherheit und Validierung interner Modelle unter Solvency II (Dr. Stahl)
  • Winter Term 2015/16: Masterseminar Aktuarwissenschaften (Dr. Nguyen, Schelling)
  • Summer Term 2015: Asset-Liability-Management in Insurance (Prof. Zwiesler)
  • Summer Term 2015: WiMa Praktikum II (Akuarwissenschaften) (Prof. Ruß, Prof. Zwiesler)
  • Summer Term 2015: Qualitatives Risikomanagement in der Versicherung (Dr. Stahl)
  • Winter Term 2014/15: Ausgewählte Aspekte der Versicherungswirtschaft (Bachelorseminar, Prof. Zwiesler)
  • Winter Term 2014/15: Kommunikation für Aktuare (ASQ-Seminar, Bonikowski, Prof. Zwiesler)

Bachelor's and Master's Thesis

If there is interest in writing a bachelor's or master's thesis, I am always available for inquiries. Please find some more information here.

Past Supervised Theses

2024

  • Auswirkungen der subjektiven Wahrnehmung auf die Bewertung von Altersvorsorgeprodukten
  • Attractiveness of common withdrawal rules in old age from a policyholder perspective
  • Analysis of Variable Annuity Valuation Using Machine Learning Methods
  • On the Impact of Subjective Probability Beliefs and Discounting on the Attractiveness of Withdrawal Strategies in Old Age
  • Analysis of a Generic Return Smoothing Mechanism in Insurer's Cover Funds
  • Insurance Capital Standard: Overview and an Analysis of the Interest Rate Charge
  • Analysis of Surplus in Life Insurance based on Thiele´s Differential Equation
  • Climate Risk Perception among Professionals – An Empirical Analysis of the Role of Behavioral Risk Management in Insurance
  • A New Fuzzy Logic Strategy for Multi-Criteria Decision Making with Applications in Insurance
  • Fairness und Nachhaltigkeit der gesetzlichen Renten: Analyse der Risikoteilungs- Mechanismen unter Berücksichtigung des Rentenpakets II
  • Machine Learning Methods in Insurance with an Application to Fraud Detection
  • Modeling and Valuation of Sustainability-Linked Bonds in the Light of Shock Events
  • Einzelvertragliche Bewertung von Garantien bei kollektiver Kapitalanlage: Analyse von Zuordnungsregeln der Vermögenswerte
  • A Study on Qutlier Analysis and Stochastic Methods for Sharp Internal Estimation of Ultimate Claims in Loss Reserving
  • Sterblichkeitsmodellierung in der Lebensversicherung - datenbasierte Herleitung und Analyse von altersabhängigen Quoten

2023

  • On the Explainability of Machine Learning Methods in Internal Models
  • Analysis of Sustainability Reports using Text Mining Approaches
  • Identifizierung repräsentativer Risikoszenarien mittels Data Analytics
  • The Impact of Artificial Intelligence on the Insurance Industry and its Products
  • Grundlagen der Fuzzy-Logik und ihre Anwendung zur Modellierung der Anlagestrategie von Versicherungsnehmern bei fondsgebundenen Lebensversicherungen

Field of Research

  • Behavioral insurance
  • Aspects of retirement savings (optimal saving, guarantees, annuity puzzle, etc.)
  • Prospect theory

Video with some insights: video

Scientific Publications and Preprints

  • Jochen Ruß, Stefan Schelling, & Benedikt Schultze: The Benefits of Return Smoothing in Insurer’s Cover Funds – Analyses From a Client’s Perspective, The European Journal of Finance, 2024, [Link], [Link Preprint]
  • Jochen Ruß, Stefan Schelling, & Benedikt Schultze: What to Offer If Consumers Do Not Want What They Need? A Simultaneous Evaluation Approach with an Application to Retirement Savings Products, European Actuarial Journal, 2023, [Link] , [Link Preprint]
  • An Chen, Stefan Schelling, & Nils Sørensen: On the Impact of Low Interest Rates on Common Withdrawal Rules in Old Age, The European Journal of Finance, 2022, [Link]
  • Jochen Ruß & Stefan Schelling: Return smoothing in life insurance from a client perspective, Insurance: Mathematics and Economics, 2021 [Link]
    • Previous version: Return smoothing and risk sharing elements in life insurance from a client perspective, Preprint, [Link]
  • Stefan Graf, Jochen Ruß, & Stefan Schelling: As you like it: Explaining the demand for life-cycle funds with multi cumulative prospect theory, Risk Management and Insurance Review, 22(2): 221– 238, 2019 [Link]
  • Andreas Richter, Jochen Ruß, & Stefan Schelling: Insurance Customer Behavior: Lessons from Behavioral Economics, Risk Management and Insurance Review 22(2): 183– 205, 2019 [Link]
  • Jochen Ruß & Stefan Schelling: Multi Cumulative Prospect Theory and the Demand for Cliquet-Style Guarantees, Journal of Risk and Insurance 85(4): 1103–1125, DOI: 10.1111/jori.12195, 2018, [Link]

Preprints:

  • Alexander Kling, Timon Kramer, Jochen Ruß, & Stefan Schelling: Intertemporal smoothing and intergenerational risk sharing: The impact on objective utility and subjective attractiveness of retirement savings products, Preprint 2024, [RG Link]
  • An Chen & Stefan Schelling: Exploring Health Improvement Incentives Through Wellness-linked Products, Preprint 2024, [SSRN Link]
  • Stefan Schelling: When and how framing makes annuitization appealing: a model-based analysis, Preprint 2018, [Link]

Dissertation:

  • Behavioral Aspects of Product Design and Demand in Retirement Savings [Link]
    • Awarded with Ernst Meyer Prize by the Geneva Association, GAUSS-Nachwuchspreis by the German Society for Insurance and Financial Mathematics (DGVFM) and the German Actuarial Association (DAV), Excellence Award of the Association for the Advancement of Insurance Research in Hamburg, Berliner Preis by the Association for the Advancement of Insurance Research in Berlin, FPSB Wissenschaftspreis by the Financial Planning Standards Board Deutschland e.V. (FPSB Deutschland).

Further Publications

  • Andreas Richter, Jochen Ruß, & Stefan Schelling: Moderne Verhaltensökonomie in der Ruhestandsplanung. In Ruhestandsplanung-Beratungsansatz für die Zielgruppe 50plus. Springer Gabler, Wiesbaden, 2020, [Link]
  • Andreas Richter, Jochen Ruß, & Stefan Schelling: Moderne Verhaltensökonomie in der Versicherungswirtschaft - Denkanstöße für ein besseres Verständnis der Kunden, Springer Gabler, DOI: 10.1007/978-3-658-19841-1, 2018, [Link]
  • Jochen Ruß & Stefan Schelling: Bedarfsgerecht, aber unbeliebt– Nutzen und Akzeptanz der lebenslangen Rente. Studie, 2018 [Link]
    • Jochen Ruß & Stefan Schelling: Die lebenslangen Rente: Bedarfsgerecht, aber unbeliebt. I-VW-HSG Trendmonitor, Ausgabe 1/2019
    • Jochen Ruß & Stefan Schelling: Bedarfsgerecht, aber unbeliebt– Nutzen und Akzeptanz der lebenslangen Rente. Versicherungsrundschau, Ausgabe 10/18
    • Jochen Ruß & Stefan Schelling: Wie man das Rentenratsel löst. Cash.Special Versicherungen, Ausgabe 02/2018

Selected Talks

  • 04/2024 MAF Conference, Le Havre - On the the economics of wellness-linked insurances
  • 03/2024 EAA Convention A, e-conference - On the the economics of wellness-linked insurances
  • 02/2024 Ulm Actuarial Day, Ulm - On the the economics of wellness-linked insurances
  • 12/2022  CEAR/MRIC Behavioral Insurance Workshop, Munich - Discussion
  • 09/2022  EAA Convention A, e-conference [Link] - Guarantees in retirement planning: How can we help consumers to want what they need [video]
  • 03/2022  ZAWIW Frühjahrsakademie, Ulm [Link] - Subjektive Risikowahrnehmung und kollektive Risikoabsicherung
  • 04/2020  DAV/DGVFM Jahrestagung, e-conference [Link] - Behavioral Aspects of Product Design and Demand in Retirement Savings
  • 10/2019   Risk and Statistics - 2nd ISM-UUlm Joint Workshop, Ulm
  • 03/2019   2nd Ulm Actuarial Day, Ulm [Link] - Return Smoothing and Risk Sharing Elements in Life Insurance from a Client Perspective
  • 12/2018   CEAR/MRIC Behavioral Insurance Workshop, Munich
  • 09/2018   Deutsche Rück Leben Forum, Düsseldorf
  • 08/2018   Annual Meeting American Risk and Insurance Association (ARIA), Chicago
  • 06/2018   International Congress of Actuaries (ICA), Berlin
  • 03/2017   Jahrestagung Deutscher Verein für Versicherungswissenschaften, Berlin
  • 12/2016   CEAR/MRIC Behavioral Insurance Workshop, Munich
  • 08/2015   World Risk and Insurance Economics Congress (WRIEC), Munich
  • 06/2015   Congress on Insurance: Mathematics and Economics (IME), Liverpool

Other Activities

  • Contact Person
    • Contact person for questions related to Actuarial Exams (DAV) at Ulm University
    • Contact person for "Masterstudium Aktuarwissenschaften mit vertiefter Praxis"
    • Managing Jury Member of the SCOR Actuarial Award (Germany)
  • University (Committee) Service
  • Organization of Scientific Conferences
  • Referee Service for Academic Journals
    • Annals of Actuarial Science, ASTIN Bulletin, European Actuarial Journal, Journal of Risk and Insurance, etc.
  • Selected Memberships
    • Akademie für Wissenschaft, Wirtschaft und Technik der Universität Ulm e.V.
    • American Risk and Insurance Association (ARIA)
    • Deutsche Gesellschaft für Versicherungs- und Finanzmathematik e.V. (DGVFM)
    • Verein zur Förderung der Versicherungswissenschaft in Berlin e.V.