The types of finance jobs in insurance are predominately found banking, automotive and investment companies. The insurance industry also needs highly trained professionals with excellent math, management and financial planning skills. Many college finance degree programs offer insurance and risk management specializations.
Financial Advisor – Insurance Industry
Financial advisors proactively help clients with appropriate wealth management solutions. They collect and analyze information regarding the client’s assets, income, debts, risk tolerance and short- and long-term goals in order to determine which products best specified needs and circumstances. They advise clientele regarding the risks, advantages and disadvantages of each financial product. Some investment and wealth management programs are related to the insurance industry, so these unique financial professionals develop exclusive sets of customers. Financial advisors in the insurance niche market seek opportunities to refer clients to other investment programs through proper customer profiling and needs-based selling. These financial advisors are usually certified by the Financial Industry Regulatory Authority.
Investment Accounting Manager
Investment accounting managers who work in the life insurance sector are responsible for numerous financial duties and reporting activities, which include tracking, compiling and summarizing investment information for internal and external reporting purposes. These reports are also transformed into trade activity reviews and investment income trend analyses. Most investment accounting managers oversee the maintenance of investment data warehouses and collaborate with IT technicians and infrastructure experts to maintain data integrity. This means they monitor daily trading activities, portfolio earnings and investment funds in order track investment accounting entries in the general ledger. These investment accounting managers prepare and submit GAAP reports in conjunction with trend analyses of investment incomes.
F&I Manager – Automotive
Finance and insurance managers in automotive sales departments are responsible for providing clients with insurance products that protect their vehicles. To accomplish this, they work with lenders to obtain financing approval of applications by carefully completing vehicle purchase paperwork. In addition to tracking and collecting receivables, they facilitate financial options and provide customers with protection package information. They ensure that all finance paperwork is compliant with state and federal guidelines before they submit completed documentation to lenders for approval. They strategically structure deals for maximum profitability and collectability while also ensuring the timely collection of all contracts. Most states require that these finance and insurance managers maintain required licensing and certifications.
Asset Liability Manager
Asset liability managers are tasked with monitoring their financial institution’s interest rate risk (IRR) and income sensitivity profiles to maintain analytics accuracy and reporting reliability. They often submit their risk analysis updates to senior management, who in turn uses their financial projections to support capital planning, regulatory reporting and long-term strategic planning. Asset liability managers usually are employed by credit unions, large banks and insurance companies with specific duties related to modeling loan and mortgage instrument cash flows. Therefore, they must be familiar with complex derivatives, accounting concepts and market movement risks. They maintain knowledge of process functionality, document production workflows and analyze IRR measurements. They run periodic financial forecasts, create annual strategic planning cycles and assess balance sheet risks under various stress scenarios.
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The types of finance jobs in insurance also include actuaries, who calculate risks for insurance companies through probability and statistics, as well as risk managers, who develop strategies to help their employers avoid financial problems.
