Accounting and Investment

The Accountant is another official with a vital role to play in the running of any
business enterprise, and particularly that of an insurer. The functions of this department
are fairly obvious, but for completeness we note:
(a) Record keeping: financial records must be accurate and reliable.
(b) Collections: ensuring that money receivable by the insurer is in fact paid clearly
affects the very existence of the company. A satisfactory system for collecting,
monitoring and reminding the company debtors is thus of high priority.
(c) Payments: ensuring that bills and debts are paid promptly and efficiently (and
correctly) entails much routine but important work.
(d) Investment: if there is not a separate investment department, the care and
placement of company assets may be the responsibility of the Accountant. It goes
without saying that this is extremely important, from the perspectives of security,
relative return (or yield) and liquidity (having sufficient cash-flow to meet known
and anticipated monetary demands).