Accounting Information for Insurance Intermediaries
A range of services is offered relating to the preparation and analysis of financial and accounting information focused on the private insurance intermediation sector.
TECHNOLOGY DESCRIPTION
Extensive knowledge of the insurance intermediation sector is combined with considerable experience in teaching, dissemination and research in the fields of accounting and finance. This enables us to offer a range of services aimed at the insurance intermediation sector, including:
- Preparation of economic reports on the situation of private insurance intermediation.
- Development of accounting models and analysis of the accounting practices of private insurance intermediaries.
- Accounting training for insurance intermediaries.
TECHNOLOGY APPLICATIONS
Potential clients for this offer include insurance agencies and brokers, professional associations of insurance intermediaries and other organisations representing them, as well as public administrations with an interest in the private insurance intermediation sector. Potential applications are diverse and range from the preparation, analysis and drafting of financial and accounting information to training in accounting-related matters, all within the field of private insurance intermediation.
ADVANTAGES AND INNOVATIVE ASPECTS
Accounting is a fundamental pillar of business administration. In addition to providing a means of organising and controlling the information required to manage any company, there is also a legal obligation to ensure that all accounting matters are properly addressed. Under the Spanish Commercial Code, every company must maintain orderly accounting records appropriate to the nature of its activities. Furthermore, Royal Decree-Law 3/2020 of 4 February, concerning the distribution of insurance and reinsurance, classifies as a very serious infringement the failure to maintain the accounting records and books required under applicable commercial legislation and insurance and reinsurance distribution regulations, or maintaining them with material irregularities.
Having established the importance of accounting for businesses in general and for the insurance intermediation sector in particular, it should be noted that there are relatively few teaching and research staff at universities who have devoted part of their research and teaching activities to the field of private insurance intermediation. Close family ties with this professional group (as a third-generation family of insurance agents and brokers), together with links to the Alicante College of Insurance Intermediaries, have led us to focus part of our research and teaching activities on the intermediation sector. This has resulted in the publication of books, articles and various teaching materials addressing different aspects of the accounting practices of insurance agencies and brokers. Furthermore, at the FORINVEST International Insurance Forum (the sector’s main meeting point) in May 2022, we presented the first statistical study on the “State of Insurance Intermediation in the Valencian Community”, commissioned by the Council of Colleges of Insurance Intermediaries of the Valencian Community.
DEVELOPMENT STAGE
Fully operational. The knowledge base is consolidated through scientific publications, specialised books and close collaboration with the Alicante College of Insurance Intermediaries. The service is available for immediate implementation anywhere in Spain.
APPLICATION SECTORS
- Insurance and Reinsurance Sector.
- Economic and Financial Consultancy.
- Vocational Training Institutions.
- Professional Associations of Insurance Intermediaries.
PRINCIPAL INVESTIGATOR
Manuel Enrique Sansalvador Sellés – Department of Economic and Financial Studies