The hierarchical structure of an insurance company generally depends on the company’s size, experience and specialty. An insurance company needs many divisions in order to operate efficiently and make profit. In a functional hierarchy structure, a rank determines role and responsibilities of professional in the insurance company. The hierarchical structure of the company also drives the long-term business activity. Most insurance company shares the common hierarchy which is described below.
Top Level Management
These professionals in the Insurance Company are accountable for managing and overseeing the organization. To ensure that the company achieves the targets for which it was established, these officials perform the operations and obligation. The various profiles which fall under this category are-
- Board of directors
- Audit committee,
- Internal Audit committee
- General Director
- Vice President
- Country Head
To carry out or perform the responsibilities and authorities for the achievement of the Corporation targets different department and Units have been developed which are as follows with brief description:
- Investment and Financing Unit
- Financial and Administrative Department
- Insurance and Risk Management Department
- International and Pubic Relation Department
- Liquidation Department
- Internal Audit Unit
Investment and Financing Unit
Overall control of the investments and the Company’s funds together with depositing, managing the finance to settle all are performed by this unit. This unit is responsible for to take the necessary steps for administrating the Company’s investments and finance operations.
Financial and Administrative Department
This department provides the employees, equipment and tool to the company and in order to maintain them, the unit pays the managerial and individual expenses. The Financial and Administration Department controls the human resources in the Company and keep a watch on the Supplies in the Department and provide the supporting services necessary for company’s operations. This Division also manages the financial resources, control the finance system, prepare, observe and execute the estimated budget.
Insurance and Risk Management Department
This Department deals with risks and execute and go on developing deposit guarantee policies in the insurance company. Financial Analysis and Risk Management unit considers the jobs of studying and analyzing the financial situations and proposition. Insurance Division prepares and follow the necessary steps to overlook on bank accounts and deposit data review for membership holding banks.
International and Public Relation Departments
This Division functions for the management of the external relations to the International Deposit Insurance Company and International Association of Deposit Insurers.
This division perform to develop and establish various policies for the liquidation process in order to execute its procedures effectively. The liquidation department includes various accountant level professionals and other employees to perform the legalities pertaining to liquidation.
Internal audit Unit
This unit contribute for the maturity of the risk management by supporting in the evaluation and risk measurement. This unit contribute for the efficient evaluation and development of the control procedures in the company.