You can't get insurance to protect yourself against investment losses. In case you own issues like art, collectibles, actual estate, and antiques, it is possible to buy an insurance policy which will cover your losses if some thing unexpected occurs, like fire or theft, however it will not cover losses resulting from bad investment options or a drop in the market. In case you own stocks, bonds and other securities, you might have the ability to use a fairly complex strategy known as "portfolio insurance." It is not definitely insurance. It involves the use of options and several other hedges, that when employed proper, can protect your investments. Recently, a few monetary firms have offered plans that safeguard the income you put inside your mutual funds. Under the strategy, you choose 1 of the company's mutual funds. By paying the corporation a premium, the original amount you put in the fund, plus about five percent a year, is guaranteed to your heirs if you die. The plan is genuinely a life insurance policy but the quantity paid to your heirs is adjusted if your mutual fund does truly poorly while you're alive.
I was a consultant for insurance organizations all over the US for several years, I also was a supervisor and representative for various other corporations. I utilized a lot of various software program products for investment accounting. Some better than others. SS&C's CAMRA was the most effective. PAM or Princeton financial if you ask me didn't have the customers support or the complete features CAMRA and SS&C had, but nevertheless worked. I worked with both firms and I would choose SS&C any day of the week for the confidence factor and less headaches. Your investment operations staff and accountants will be happier. But that is your decision, I am just conveying knowledge based on years of using the two systems.
My main suggestion should you are operating and investment accounting division for an insurance corporation is this, use the standard reports. Do not get into customized report building or any customization of the system when you can. Why? I have seen more industry experts defeated by modification and run up budgets because some big wig' inside the investment or accounting department wanted to see a specific report. These types of common reports are time tested. they'll serve all the required reporting requirements. The rest is usually fluff. If you possess a report writing wizard on site, you will want to use them, of course.
My theory of operations with expense accounting reporting is, make it simple. This is accounting, and the goal of accounting is to report figures to regulators, it's not the core line of business. An individual may dispute it is to support management's decision-making approach, but that you can do with a lot of regular investment accounting insurance reports. Each customization of the system or reporting you do will have to be upgraded and as things changed will have to be serviced. Investment accounting for insurance businesses is generally fun in the event you keep it simplistic.
Although the bottom line insurance accounting jobs are pretty easy and stable and well paid but not very exciting. There is no rush in accounting. When you are in investment accounting for insurance organizations you will have a pretty nice life.
I was a consultant for insurance organizations all over the US for several years, I also was a supervisor and representative for various other corporations. I utilized a lot of various software program products for investment accounting. Some better than others. SS&C's CAMRA was the most effective. PAM or Princeton financial if you ask me didn't have the customers support or the complete features CAMRA and SS&C had, but nevertheless worked. I worked with both firms and I would choose SS&C any day of the week for the confidence factor and less headaches. Your investment operations staff and accountants will be happier. But that is your decision, I am just conveying knowledge based on years of using the two systems.
My main suggestion should you are operating and investment accounting division for an insurance corporation is this, use the standard reports. Do not get into customized report building or any customization of the system when you can. Why? I have seen more industry experts defeated by modification and run up budgets because some big wig' inside the investment or accounting department wanted to see a specific report. These types of common reports are time tested. they'll serve all the required reporting requirements. The rest is usually fluff. If you possess a report writing wizard on site, you will want to use them, of course.
My theory of operations with expense accounting reporting is, make it simple. This is accounting, and the goal of accounting is to report figures to regulators, it's not the core line of business. An individual may dispute it is to support management's decision-making approach, but that you can do with a lot of regular investment accounting insurance reports. Each customization of the system or reporting you do will have to be upgraded and as things changed will have to be serviced. Investment accounting for insurance businesses is generally fun in the event you keep it simplistic.
Although the bottom line insurance accounting jobs are pretty easy and stable and well paid but not very exciting. There is no rush in accounting. When you are in investment accounting for insurance organizations you will have a pretty nice life.
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