If you are an accountant, you have a great job opportunity to work in the insurance industry. The industry will hire you as an agent or underwriter handling tasks related to financial accounting and management. You will have a chance to work in a corporate office. If you work in a bigger company, you have an opportunity to work in the biggest accounting departments. So, before you work as an insurance accountant, ensure you know all types of accounting jobs that the insurance industry will need.
Insurance companies hire one or more managers to handle the entire accounting department. These managers do several duties in relation to the financial side of an insurance company. For instance, the manager will handle the filing of all financial reports, like the quarterly SEC filing. For huge companies, they may need to hire several accounting managers to oversee the financial accounting of various areas of the business. They may be handling the financial accounting of investments, and another may manage the claims or cash management. It’s why they also need to be a proficient insurance accountant in this industry.
As insurance companies need to maintain, prepare and file various tax returns for the government, they need tax accountants for these jobs. They work as members of the accounting team to help maintain accurate financial records and recommend to corporate leaders the tax strategies and applicable tax laws.
Internal auditors are required to streamline and monitor the insurance operations. They spend more time for the researching and consulting. They work closely in all areas of business to enhance controls and strategies. They are concerned in maximising productivity, enticing clients, improving the business and complying with company goals and objectives. They may work in the finance and accounting department, but they can work outside too, like the pricing department, where research and product development are done.
You need to be a proficient insurance accountant to work as a controller in the accounting department and report to the company executives. In some companies, they are referred to as the senior accountant, where they guide financial decisions made by the company’s board of directors and executives. They also make personnel decisions for the accounting department and monitor the entire finances of the insurance company.