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Indiana University Corporate Accounting POOP Session

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Presentation on theme: "Indiana University Corporate Accounting POOP Session"— Presentation transcript:

1 Indiana University Corporate Accounting POOP Session
September 18, 2001

2 DEFINITION Promise Transfer of Risk Indemnity Principle Social Device

3 REGULATION Highly Regulated By the States

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

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

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

7 TYPES OF INSURANCE Life Health Property Casualty

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

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

10 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 Enjoy a tremendous market share. * State Farm has been the largest insurer of automobiles since 1942. * We also insure more homes than any other company. We’ve been number 1 since 1964. * With over 250 billion dollars of ordinary life insurance in force, State Farm ranks number 6. * State Farm ranks number 8 overall in the health insurance industry. Of companies writing individual health policies, we rank 2nd.

11 Source Insurance Information Institute 1999 Fact book
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

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

13 CORPORATE FUNCTIONS Financial Reporting & Analysis Tax
Investment Accounting

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

15 CORPORATE FUNCTIONS Auditing Treasury Services
General Accounting Services

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

17 CORPORATE FUNCTIONS Compliance Change Management

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

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

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

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

22 TECHNICAL TRAINING On-Line Operating Procedures Hardware and Software
PeopleSoft ERP Application Numerous proprietary applications Supervisory Skills CD-ROM Leadership Development Series

23 PROFESSIONAL DEVELOPMENT
In-House Courses Insurance Education ChFC, CLU, CPCU Professional Designations CPA, CMA, MBA

24 CAREER PATHS Stability Diversity Opportunity Mobility

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

26 STATE FARM DATA

27 Source July 2001 People Counts
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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