Types of Accounting Careers in Insurance

Accounting careers in insurance companies are varied, and so too are the salaries. Actuaries, for example, enjoy median salaries of $97,450 annually, while auditors earn between $42,000 and $78,000 annually, according to the Bureau of Labor Statistics' 2010-11 Occupational Outlook Handbook. Some positions are attached to other units while closely interacting with the accounting department. For example, actuaries are often grouped with the underwriting department but they work closely with accounting.

Medical Billers

Medical billers interact with underwriters and health providers to ensure that the claimants are being charged correctly. They also work with the claimants to verify demographics and current status. Daily tasks also include identifying claimant and provider payment issues involving claims coding and processing, corresponding with network administration and medical management to provide statistical reports in support of improving internal policies, and refining the management of customer needs. Often a member of the insurance company's finance team, a medical biller must conform to corporate finance goals and must often meet rigid deadlines.

Actuaries

Actuaries analyze data to try to predict potential claim costs to the insurance carrier in the event of injury, disability or death to a policyholder or covered person, or potential costs for loss of property. They also help determine premium amounts to charge clients in order to maintain profitability. Actuaries may also be asked to create, revise and help oversee insurance, annuity and pension strategies. They work with underwriters, claims experts and senior management officials to help develop plans for new avenues of business or methods to improve present business, and may sometimes give investment advice.

Auditors

The tasks an auditor performs include evaluating the accounting records to ensure good organization and efficiency, and examining company assets, including cash, accounts payable and receivable, canceled checks and negotiable stocks. The auditor's goal is to verify that all company records are correct. Auditors prepare detailed reports of the results garnered from their examination of company records, including items such as payroll and personnel data, to establish proper workers' compensation coverage and unemployment insurance amounts and to determine any potential liabilities. Auditors may consult with management about financial and governing procedures, and their analyses also help to identify whether the company is in compliance with tax requirements.

Staff Accountants

Insurance staff accountants' tasks typically include financial journal entry and account examination, general ledger maintenance, account resolution and the preparation of financial statements. They are also responsible for identifying possible improvements for billing, collection and payment procedures, corresponding with insurance brokers and carriers relating to payout accounts and supporting any audit demands. Staff accountants for insurance companies also keep track of any adjustments to letters of credit and trust funds and provide explanations for any funds withheld, and are responsible for distribution of any company funds for uncollectible insurance protection procedures.

References

• Department of Labor Statistics: Bookkeeping, Accounting, and Auditing Clerks
• Department of Labor Statistics: Accountants and Auditors
• Department of Labor Statistics: Actuaries
• Department of Labor Statistics: Occupational Descriptions
• Insurance Jobs: Actuary and Actuarial Job Description
• Insurance Jobs: Auditors Job Description