Wisconsin School of Business

Joan Schmit

Professor - Risk and Insurance
American Family Insurance Distinguished Chair of Risk Management and Insurance

Joan T. Schmit is the American Family Insurance Distinguished Chair of Risk Management and Insurance in the Wisconsin School of Business at the University of Wisconsin-Madison, where she has been on the faculty since 1988. Schmit also serves as an affiliate faculty member in the Nelson Institute for Environmental Studies at the University of Wisconsin, and in the insurance program at the University of St. Gallen in Switzerland. Prior to joining the faculty at UW-Madison, Professor Schmit spent four years on the faculty at the University of South Carolina following completion of her Ph.D. at Indiana University. She received her BBA and MBA from the Wisconsin School of Business and holds both the CPCU and ARM designations.

Currently Professor Schmit is the Chair of the Risk and Insurance Department in the Wisconsin School of Business, a position she has held several times previously over the past two decades. From 2008 to 2012, Professor Schmit served in the Dean's office, holding the positions of Senior Associate Dean, Vice Dean, and Interim Dean.

Professor Schmit has published extensively in insurance and legal journals. Among her areas of expertise include insurance regulation, enterprise risk management, and the interaction of law and economics in an insurance and risk management context. She is a Past President of the American Risk and Insurance Association as well as the Risk Theory Society.

Additionally, Joan serves as an associate editor for the Journal of Risk and Insurance and is active in the International Insurance Society. She also holds the designation of Research Fellow with the China Center for Insurance and Social Security Research at Peking University.

The program in risk management and insurance at the University of Wisconsin-Madison has existed since 1938 and currently is ranked second among all programs in the United States. Our alumni list is long and of very high quality, including insurance company, brokerage, and consulting executives in both life and non-life business.
 

Selected Accepted Journal Articles


Yao, Y. & Sydnor, J. & Schmit, J. (2015). Role of Pregnancy in Micro Health Insurance. Journal of Risk and Insurance

Selected Published Journal Articles


Gatzert, N. & Schmit, J. (2016). Supporting Strategic Success through Enterprise-Wide Reputation Risk Management. Journal of Risk Finance (17), 26-45.
Gatzert, N. & Schmit, J. & Kolb, A. (2016). Assessing the Risks of Insuring Reputation Risk. Journal of Risk and Insurance (83), 641-679.
Biener, C. & Eling, M. & Schmit, J. (2014). Regulation in Microinsurance Markets: Principles, Practice, and Directions for Future Development. World Development (28), 21-40.
Eling, M. & Pradhan, S. & Schmit, J. (2014). The Determinants of Microinsurance Demand. The Geneva Papers on Risk and Insurance - Issues and Practice (39), 224-263.
Post, T. & Grundl, H. & Schmit, J. & Zimmer, A. (2014). The Impact of Investment Behavior for Individual Welfare: Evidence from the United States and Germany. Economica (81), 15-47.
Eling, M. & Schmit, J. (2012). Is there Market Discipline in the European Insurance Industry? An Analysis of the German Insurance Market. Geneva Risk and Insurance Review (37), 180-207. doi: 10.1057/grir.2011.8.
Lei, Y. & Schmit, J. (2010). Influences of Organizational Structure and Diversification on Medical Malpractice Insurer Performance. Journal of Insurance Issues (33), 157-177.
Eling, M. & Klein, R. & Schmit, J. (2010). A Comparison of Insurance Regulation in the United States and the European Union. Independent Institute
Lei, Y. & Schmit, J. (2009). Influences on Organizational Form on Medical Malpractice Insurer Operations. Connecticut Insurance Law Journal (15), 53-84.
Kerr, D. & Ma, Y. & Schmit, J. (2009). A Cross-National Study of Government Social Insurance as an Alternative to Tort Liability Compensation. Journal of Risk and Insurance (76)
Doerpinghaus, H. & Schmit, J. & Yeh, J. (2008). Age and Gender Effects on Auto Liability Insurance Payouts. Journal of Risk and Insurance (75), 527-550. doi: 10.1111/j.1539-6975.2008.00273.x.
Browne, M. & Schmit, J. (2008). Litigation Patterns in Automobile Bodily Injury Claims 1977-1997. Journal of Risk and Insurance (75), 83-100. doi: 10.1111/j.1539-6975.2007.00249.x.
Eling, M. & Schmeister, H. & Schmit, J. (2007). The Solvency II Process: Overview and Critical Analysis. Risk Management and Insurance Review (10), 69-85. doi: 10.1111/j.1540-6296.2007.00106.x.
Schmit, J. (2006). Factors that may influence tort litigation trends in the European Union. The Geneva Papers: Insurance Issues and Practices (31), 304-313. doi: 10.1057/palgrave.gpp.2510075.
Schmit, J. & Yeh, J. (2003). An Economic Analysis of Auto Compensation Systems: Choice Experiences from New Jersey and Pennsylvania, forthcoming. Journal of Risk and Insurance (70), 601-628. doi: 10.1046/j.0022-4367.2003.00067.x.
Doerpinghaus, H. & Schmit, J. & Yeh, J. (2003). Personal Bias in Claims Settlement: An Example from Automobile Insurance,. Journal of Risk and Insurance (70), 185-205. doi: 10.1111/1539-6975.00055.
Schmit, J. & Ma, Y. (2000). Factors Affecting the Relative Incidence of Uninsured Motorists Claims,. Journal of Risk and Insurance (67), 281-294.

Selected Submitted Journal Articles


Huang, Y. & Kamiya, S. & Schmit, J. (2016). The Legal Constraint of Misrepresentation in Insurance Market and Its Impact on Insurance Contracts. Journal of Risk and Insurance
Oyekan, O. & Adams, M. & Schmit, J. (2014). Analysis of the Profitability of Micro-Life insurers in Nigeria and South Africa. Journal of Risk and Insurance

Working Papers


Bujakowski, D. & Schmit, J. (2016). Use of Litigation and Mediation in China.
Schmit, J. & Ren, Y. (2012). A New Measure of Insurer Franchise Value.

Presentations


Annual Seminar ( 2014 ) Adverse Selection in Emerging Health Insurance Markets: Evidence from Microinsurance in Pakistan

Southern Risk and Insurance Association Annual Meeting ( 2013 ) Modernizing Insurance Solvency Regulationin the United States & European Union:A Comparative Assessment

European Group of Risk and Insurance Economists Annual Meeting ( 2013 ) The Legal Constraint of Misrepresentation in Insurance Market

American Risk and Insurance Association Annual Meeting ( 2013 ) The Legal Constraint of Misrepresentation in Insurance Market

University of St. Gallen Banking and Finance Seminar ( 2013 ) Determinants of Insurer Reputational Risk

University of Swansea School of Business and Economics Research Seminar ( 2013 ) Determinants of Reputational Risk

American Risk and Insurance Association Annual Meeting ( 2012 ) Regulation in Microinsurance Markets: Principals, Practice, and Directions for Future Research

American Risk and Insurance Association Annual Meeting ( 2011 ) Advantageous or Adverse Selection in Emerging Health Insurance Markets: Evidence from a Micro Health Insurance Program in Pakistan

Asia Pacific Risk and Insurance Association Annual Meeting ( 2009 ) The “The “The Performance of Risk Retention Groups: Does Organizational Form Matter?

Program Seminar ( 2006 ) Litigation Patterns in Auto BI Claims 1977-97

American Risk and Insurance Association ( 2004 ) On the Escalating Medical Malpractice Insurance Premium Rates

European Group of Risk and Insurance Economists ( 2004 ) Insurance Claims and Legal Filings: Trends from 1977-1997

International Insurance Society, Inc. ( 2002 ) Insurance Claims and Legal Filings: Trends from 1977-1997

American Risk and Insurance Association ( 2000 ) Insurance Claims and Legal Filings: Trends from 1977-1997


Undergraduate Courses


Independent Readings and Research
Course DescriptionWork with MBA students on applied project
(RMI 399 Section 001), Spring 2015.

Principles of Risk Management
Course DescriptionPrecedes advanced work in insurance; the nature of risk,principal techniques of risk management and the bases for decision making in management of business and personal risks.
(RMI 300 Section 001), Spring 2016. Download Syllabus



Graduate Courses


Seminar in Risk Management and Insurance
Course DescriptionCompleted course for professional designation and also conducting applied learning with CUNA Mutual Group to analyze their reputation risks. Five undergraduates also participated in the applied learning project.
(RMI 875), Spring 2014.

Advanced Topics in Risk Management
Course DescriptionExamination of data collection and analysis methods for risk management decisions. Analysis of qualitative and quantitative data to support transfer, retention, and loss control decisions, including loss trending, and evaluation of regulatory controls.
(RMI 820 Section 001), Spring 2015.

Contemporary Topics
Course Description Many important organizational decisions are made in situations with substantial risk and uncertainty, generating from an ever-expanding array of influences. The SONY data breach just before the New Year, and Anthem more recently, Fukushima explosion three years ago, BP oil spill three years ago, and the 2008 financial crisis all illustrate that effective risk management is a crucial element of organizational success (and failure). Corporate risk managers first must understand the underlying drivers of volatility before designing an effective risk and capital management strategy capable of withstanding market shocks. Are calamities due to a failure in risk management? What is the role of regulation? Are poorly designed incentive structures part of the problem? Getting the diagnosis correct is important to the design and implementation of effective organizational strategy. Making effective decisions in situations of risk and uncertainty remains one of the central challenges for managers. At the conclusion of this course, we intend for you to have developed improved decision making skills in the face of risk and uncertainty. A key component of our endeavor will be enhanced awareness of systematic biases and challenges that affect how individuals process information and generate the judgments that become the inputs to decisions. We further intend to present tools to address some of those concerns, and to develop a framework for structuring and evaluating your decisions. We expect that at the end of the course you will appreciate even more the importance of critical thinking, constructive skepticism, and a careful, thoughtful approach to decision making. The ultimate goal is for each of you to finish the course with a greater ability to make effective decisions and thereby manage risk successfully.
(RMI 765 Section 031), Spring 2015. Download Syllabus

Contemporary Topics
Course DescriptionRMI specialization weekly current topics discussion
(RMI 765 Section 001), Fall 2014.

Managing the Legal Environment
Course DescriptionLegal implications for business managers of selected areas of the law including negligence, contract, intellectual property, officer/director liability, financing the business enterprise, and employment and trade regulation; introduction to the legal proc
(BUS 701 Section 1), Spring 2012.

Principles of Risk Management
Course DescriptionBackground for advanced work in insurance. Nature of risk, principal techniques of risk management, and the bases for decision making in management of business and personal risks.
(RMI 700 Section 1), Fall 2013.



Professional Organizations


International Cooperatives and Mutuals Insurance Federation

International Insurance Society

ARIA


Editorial and Reviewing Activities


Journal of Risk and Insurance - Since January 2000
Associate Editor


Photograph of Joan Schmit

Joan Schmit

 
Professor | Risk and Insurance
American Family Insurance Distinguished Chair of Risk Management and Insurance
(608) 262-4240
5295/4519 Grainger Hall