indiana university corporate accounting poop session september 19, 2000
TRANSCRIPT
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Indiana University Corporate Accounting POOP SessionSeptember 19, 2000
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DEFINITIONDEFINITION• Promise
• Transfer of Risk
• Indemnity Principle
• Social Device
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REGULATIONREGULATION• Highly Regulated By the States
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FINANCIAL STATEMENTSFINANCIAL STATEMENTS
• Operating Statement
• Statement of Assets and Liabilities
GAAP vs. Statutory AccountingGAAP vs. Statutory Accounting
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OPERATING STATEMENTSOPERATING STATEMENTS
Earned Premiums (Sales)- Losses (Cost of Goods Sold)- Operating Expenses---------------------------------------------= Underwriting Profit/Loss+/- Investment Income---------------------------------------------= Net Income
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STATEMENT OF ASSETS AND LIABILITIES
Admitted vs. Non-Admitted
STATEMENT OF ASSETS AND LIABILITIES
Admitted vs. Non-Admitted
Premium Receivables+ Investment Assets- Loss Reserves- Unearned Premiums- Operating Liabilities---------------------------------------------= Policyholder Protection Fund
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TYPES OF INSURANCETYPES OF INSURANCE
• Life
• Health
• Property
• Casualty
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• Personal– Auto– Home– Liability
• Commercial– Workers Comp– Malpractice– Aviation– Toxic Waste
PROPERTY AND CASUALTY LINES
PROPERTY AND CASUALTY LINES
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STATE FARM COMPANIESSTATE FARM COMPANIES
Auto (Health)
Fire
Life
Bank
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STATE FARM IN THE FORTUNE 500
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INDUSTRY POSITIONS
Policies in force 35,019,774 14,163,912 5,535,848 1,123,546
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INDUSTRY SCOPEINDUSTRY SCOPE
• 7,900 domestic insurance companies
• 2.3 million jobs
• $3.4 trillion assets
• $900 billion premiums
Source Insurance Information Institute 1999 Fact book
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ACCOUNTING STRUCTUREACCOUNTING STRUCTURE
• Centralized vs. De-centralized– Corporate
– Regional Offices
– Insurance Support Centers (ISC’s)
• Supervisory vs. Analytical
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CORPORATE FUNCTIONSCORPORATE FUNCTIONS
• Financial Reporting & Analysis
• Tax
• Investment Accounting
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CORPORATE FUNCTIONSCORPORATE FUNCTIONS
• Mutual Funds/Accounting Benefits
• Loss Reserves
• Data Management Services
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CORPORATE FUNCTIONSCORPORATE FUNCTIONS
• Auditing
• Treasury Services
• General Accounting Services
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CORPORATE FUNCTIONSCORPORATE FUNCTIONS
• Financial Shared Services
– Accounts Payable
– Agency Compensation
– Employee Compensation
– Travel-Expense
– Shared Services Process Analysis
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CORPORATE FUNCTIONSCORPORATE FUNCTIONS
• Compliance
• Change Management
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SYSTEMSSYSTEMS
• Financial Business Analyst– Current Systems Support– New Systems Development– Create and maintain detailed operating
procedures• 30 Month Accounting Business
Analyst Trainee
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REGIONAL OFFICE FUNCTIONS
REGIONAL OFFICE FUNCTIONS
• Premium Payment Processing
• Cash Disbursements / Claims Support
• Agency Compensation
• Self Audits
• Transformational / Expense Analysis
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TECHNICAL TRAININGTECHNICAL TRAINING
• Operating Procedures
• Hardware and Software
• Supervisory Skills
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PROFESSIONAL DEVELOPMENT
PROFESSIONAL DEVELOPMENT
• In-House Courses
• Insurance Education
–ChFC, CLU, CPCU
• Professional Designations
–CPA, CMA, MBA
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• People Skills
• Performance Management
• Organization & Planning
• Problem Solving
• Time Management
• Communication
DAILY DUTIES - SUPERVISIONDAILY DUTIES - SUPERVISION
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DAILY DUTIES - ANALYSTDAILY DUTIES - ANALYST
• Problem Solving
• Project Development
• Operational Assistance
• Coordination
• Communication
• Functional Area of Expertise
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BENEFITSBENEFITS
• Medical and Life Insurance
• Defined-Benefit Retirement Plan
• Profit Sharing (401K match)
• Education Costs
• Flexible Work Hours
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CAREER PATHSCAREER PATHS
StabilityStability
DiversityDiversity
OpportunityOpportunity
MobilityMobility
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STATE FARM DATASTATE FARM DATA
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STATE FARM DATASTATE FARM DATA• 16 Affiliated Companies
• 66.7 Million State Farm policies in force
• Approximately 150,000State Farm Associates– 16,200 Agents– 79,300 Employees– 1,900 Accounting Employees
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