Indiana University Corporate Accounting POOP Session September 18, 2001
DEFINITION • Promise • Transfer of Risk • Indemnity Principle • Social Device
REGULATION • Highly Regulated By the States
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 Profit/Loss +/- Investment Income ----------------------= Operating Net Income
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
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
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. 4 trillion assets $900 billion premiums Source Insurance Information Institute 1999 Fact book
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 • Mutual Funds/Accounting Benefits • Loss Reserves • Data Management Services
CORPORATE FUNCTIONS • Auditing • Treasury Services • General Accounting Services
CORPORATE FUNCTIONS • Financial Shared Services – Accounts Payable – Agency Compensation – Employee Compensation – Travel & Expense – Shared Services Process Analysis
CORPORATE FUNCTIONS • Compliance • Change Management
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 – Create and maintain detailed operating procedures • 24 Month Accounting Business Analyst Trainee
DAILY DUTIES - SUPERVISION • People Skills • Performance Management • Organization & Planning • Problem Solving • Time Management • Communication
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 Application – Numerous proprietary applications • Supervisory Skills – CD-ROM Leadership Development Series
PROFESSIONAL DEVELOPMENT • In-House Courses • Insurance Education – Ch. FC, CLU, CPCU • Professional Designations – CPA, CMA, MBA
CAREER PATHS Stability Diversity Opportunity Mobility
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 • 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
WWW. STATEFARM. COM
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