February is Insurance Careers Month, and there are exciting opportunities available in our innovative and growing industry. As a recipient of Business Insurance’s Best Places to Work Award for five years in a row, Tokio Marine Highland fosters a culture and environment where employees with diverse skillsets can thrive and grow their careers.
Here’s why Brenda Ho, Senior Divisional Accounting Manager, chose a career in insurance.
Why did you choose a career in insurance?
Insurance accounting is something that you sort of fall into. My background is in accounting and finance, and when the opportunity first arose for me, I jumped at the opportunity to learn about the industry.
What is the role/importance of accounting as it relates to insurance?
General Ledger, or “GL” Accounting, is the typical GAAP accounting. Premium accounting is very different – we are not managing our own funds, but instead we are the custodians of funds that are entrusted to us for a specific purpose. There must be an understanding of the purpose of the funds and our fiduciary duties for the management of the funds. My role as the Premium Accounting Manager is to not only manage the movement of the funds, but also the reporting of the activity. We report on the monthly activity to our clients using the carrier and claims bordereaux.
What do you find most interesting or rewarding about your role?
When I first entered the insurance industry, it was very fascinating to me. At that time, I only knew about auto insurance and health insurance. I’ve learned that you can basically insure anything, from body parts to alien abduction. Of course, here at TMH we focus on Flood, Lender-Placed, and Fine Arts. Insurance is something that we don’t think about until you need it and then wish you had it. Working in the insurance industry and seeing how disaster can strike anyone anywhere is a constant reminder that we need to be fully prepared for the unknown.
What I find most interesting about my role, or the role of the premium accountant, is that we must understand the operations of the business and how money is supposed to flow. Accounting is the last line of defense before the funds are out the door, so we need to be diligent in making sure our funds are property accounted for prior to releasing it to the carrier or the back to the client.
What would you say to someone who may have never considered the insurance industry for a career?
Insurance is a very big industry, but insurance accounting is very niche. Understanding premium is crucial to be successful in this role. What I would say to someone who has never considered a career in insurance is if you have relevant experience, the opportunities are bountiful – give it a try!
Discover how you can join our team and grow your career like Brenda at Tokio Marine Highland. Visit our Careers page to learn more.