Скачать презентацию Indiana University Corporate Accounting POOP Session September 18 Скачать презентацию Indiana University Corporate Accounting POOP Session September 18

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Indiana University Corporate Accounting POOP Session September 18, 2001 Indiana University Corporate Accounting POOP Session September 18, 2001

DEFINITION • Promise • Transfer of Risk • Indemnity Principle • Social Device DEFINITION • Promise • Transfer of Risk • Indemnity Principle • Social Device

REGULATION • Highly Regulated By the States REGULATION • Highly Regulated By the States

FINANCIAL STATEMENTS GAAP vs. Statutory Accounting • Operating Statement • Statement of Assets and FINANCIAL STATEMENTS GAAP vs. Statutory Accounting • Operating Statement • Statement of Assets and Liabilities

OPERATING STATEMENTS Earned Premiums (Sales) Losses (Cost of Goods Sold) Operating Expenses ----------------------= Underwriting OPERATING STATEMENTS Earned Premiums (Sales) Losses (Cost of Goods Sold) Operating Expenses ----------------------= Underwriting Profit/Loss +/- Investment Income ----------------------= Operating Net Income

STATEMENT OF ASSETS AND LIABILITIES Admitted vs. Non-Admitted Premium Receivables + Investment Assets - STATEMENT OF ASSETS AND LIABILITIES Admitted vs. Non-Admitted Premium Receivables + Investment Assets - Loss Reserves - Unearned Premiums - Operating Liabilities ----------------------= Policyholder Protection Fund

TYPES OF INSURANCE • Life • Health • Property • Casualty TYPES OF INSURANCE • Life • Health • Property • Casualty

PROPERTY AND CASUALTY LINES • Personal • Commercial – Auto – Home – Liability PROPERTY AND CASUALTY LINES • Personal • Commercial – Auto – Home – Liability – – Workers Comp Malpractice Aviation Toxic Waste

STATE FARM COMPANIES Auto (Health) Fire Life Financial Services SF Bank Mutual Funds STATE FARM COMPANIES Auto (Health) Fire Life Financial Services SF Bank Mutual Funds

INDUSTRY POSITIONS • Ranked #21 within Fortune 500 • #1 U. S. Auto insurer INDUSTRY POSITIONS • Ranked #21 within Fortune 500 • #1 U. S. Auto insurer since 1942 • Insure 1 of every 5 automobiles • On-goal for 40 million Auto policies by 2003 • #1 U. S. Home insurer since 1964 • Insure 1 of every 4 homes • Top U. S. insurer of pleasure boats

INDUSTRY SCOPE • • 7, 900 domestic insurance companies 2. 3 million jobs $3. INDUSTRY SCOPE • • 7, 900 domestic insurance companies 2. 3 million jobs $3. 4 trillion assets $900 billion premiums Source Insurance Information Institute 1999 Fact book

ACCOUNTING STRUCTURE • Centralized vs. De-centralized – Corporate – Regional Offices – Insurance Support ACCOUNTING STRUCTURE • Centralized vs. De-centralized – Corporate – Regional Offices – Insurance Support Centers (ISC’s) • Supervisory vs. Analytical

CORPORATE FUNCTIONS • Financial Reporting & Analysis • Tax • Investment Accounting CORPORATE FUNCTIONS • Financial Reporting & Analysis • Tax • Investment Accounting

CORPORATE FUNCTIONS • Mutual Funds/Accounting Benefits • Loss Reserves • Data Management Services CORPORATE FUNCTIONS • Mutual Funds/Accounting Benefits • Loss Reserves • Data Management Services

CORPORATE FUNCTIONS • Auditing • Treasury Services • General Accounting Services CORPORATE FUNCTIONS • Auditing • Treasury Services • General Accounting Services

CORPORATE FUNCTIONS • Financial Shared Services – Accounts Payable – Agency Compensation – Employee CORPORATE FUNCTIONS • Financial Shared Services – Accounts Payable – Agency Compensation – Employee Compensation – Travel & Expense – Shared Services Process Analysis

CORPORATE FUNCTIONS • Compliance • Change Management CORPORATE FUNCTIONS • Compliance • Change Management

REGIONAL OFFICE FUNCTIONS • Premium Payment Processing • Cash Disbursements / Claims Support • REGIONAL OFFICE FUNCTIONS • Premium Payment Processing • Cash Disbursements / Claims Support • Agency Compensation • Self Audits • Transformational / Expense Analysis

SYSTEMS • Financial Business Analyst – Current Systems Support – New Systems Development – SYSTEMS • Financial Business Analyst – Current Systems Support – New Systems Development – Create and maintain detailed operating procedures • 24 Month Accounting Business Analyst Trainee

DAILY DUTIES - SUPERVISION • People Skills • Performance Management • Organization & Planning DAILY DUTIES - SUPERVISION • People Skills • Performance Management • Organization & Planning • Problem Solving • Time Management • Communication

DAILY DUTIES - ANALYST • Problem Solving • Project Development • Operational Assistance • DAILY DUTIES - ANALYST • Problem Solving • Project Development • Operational Assistance • Coordination • Communication • Functional Area of Expertise

TECHNICAL TRAINING • On-Line Operating Procedures • Hardware and Software – People. Soft ERP TECHNICAL TRAINING • On-Line Operating Procedures • Hardware and Software – People. Soft ERP Application – Numerous proprietary applications • Supervisory Skills – CD-ROM Leadership Development Series

PROFESSIONAL DEVELOPMENT • In-House Courses • Insurance Education – Ch. FC, CLU, CPCU • PROFESSIONAL DEVELOPMENT • In-House Courses • Insurance Education – Ch. FC, CLU, CPCU • Professional Designations – CPA, CMA, MBA

CAREER PATHS Stability Diversity Opportunity Mobility CAREER PATHS Stability Diversity Opportunity Mobility

BENEFITS • Medical and Life Insurance • Defined-Benefit Retirement Plan • Profit Sharing (401 BENEFITS • Medical and Life Insurance • Defined-Benefit Retirement Plan • Profit Sharing (401 K match) • Education Costs • Flexible Work Hours

STATE FARM DATA STATE FARM DATA

STATE FARM DATA • 18 Affiliated Companies • Over $119 Billion in Assets (12/31/00) STATE FARM DATA • 18 Affiliated Companies • Over $119 Billion in Assets (12/31/00) • Approximately 150, 000 State Farm Associates – 16, 000+ Agents – 81, 861 Total Employees • About 2, 000 Accounting Employees Source July 2001 People Counts

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