17 Insurance Accountant Interview Questions and Answers

An insurance accountant is responsible for the financial records of an insurance company. They prepare statements, reconcile accounts, and work with actuaries to ensure that the company is operating within the law and meeting its financial obligations.

To become an insurance accountant, you will need at least a bachelor’s degree in accounting or a related field. Many employers also prefer candidates who have experience working in the insurance industry. If you have the education and experience required for the job, the next step is to prepare for your interview by learning how to answer insurance accountant interview questions.

In this guide, we will provide you with a list of the most common insurance accountant interview questions and answers.

Are you comfortable working with large amounts of data?

This question can help the interviewer determine if you have the skills and experience to work with large amounts of data. Use your answer to highlight your ability to organize, analyze and interpret data in a way that helps improve an organization’s financial processes.

Example: “In my previous role as an insurance accountant, I was responsible for analyzing thousands of claims each month. This required me to develop efficient methods of organizing and sorting through this data so I could quickly find specific information when needed. In fact, I developed several software programs that helped streamline our company’s claim-processing procedures. These tools allowed us to reduce the time it took to process claims by 25%.”

What are some of the most important skills for an insurance accountant?

This question can help the interviewer determine if you have the skills necessary to succeed in this role. Use your answer to highlight some of the most important skills for an insurance accountant and explain why they are so important.

Example: “The two most important skills for an insurance accountant are math and communication. These skills allow me to accurately calculate premiums, discounts and other financial information while also communicating with clients about their policies. I find that these skills are essential because they allow me to provide excellent customer service while still performing my job duties.”

How would you describe the relationship between risk and reward?

This question is a great way to assess your understanding of the insurance industry and how it works. It also helps employers see if you have an in-depth knowledge of accounting principles that apply to their company. In your answer, try to explain what risk and reward are and how they relate to each other.

Example: “Risk and reward go hand in hand. The more risk there is, the greater the potential for reward. For example, when I was working at my previous job, we had a client who wanted to increase his rewards by taking on more risk. He asked us to find him a policy with higher coverage limits but lower premiums. We were able to do this by finding him a policy with a slightly higher deductible.”

What is the most important thing that an insurance accountant can do to help their company succeed?

This question is your opportunity to show the interviewer that you understand what it takes to be successful in this role. Use examples from your experience to explain how an insurance accountant can help their company succeed and why it’s important for them to do so.

Example: “The most important thing an insurance accountant can do to help their company succeed is provide accurate information when they’re calculating claims. If I notice something unusual about a claim, I will always make sure to double-check my work before submitting it to ensure that we don’t miss anything. This helps our company avoid any unnecessary expenses or losses.”

Provide an example of a time when you had to make a difficult decision that involved risk.

This question can help employers learn more about your decision-making skills and how you handle risk. When answering this question, it can be helpful to describe a situation in which you had to make a difficult choice that involved risk but also resulted in positive outcomes for the company or organization.

Example: “In my previous role as an insurance accountant, I was responsible for calculating premiums based on the risks of each client. One time, I noticed one of our clients had been paying higher premiums than other companies with similar risk factors. After looking into their account further, I discovered they were underreporting some of their claims. I reported this information to my manager, who then informed the client’s representative of the issue. The client ended up lowering their premiums after fixing their reporting errors.”

If you could change one thing about the insurance industry, what would it be and why?

This question is a great way to see how you can make changes in your industry. It also shows the interviewer that you are passionate about your work and want to improve it. When answering this question, think of something specific that you would change or add to the insurance industry.

Example: “If I could change one thing about the insurance industry, I would implement more technology into the process. There are so many ways we could use technology to streamline our processes and save time for both the company and customers. For example, if an adjuster was able to take pictures of damage with their phone instead of having to go out to inspect it, they could get back to other claims much quicker.”

What would you do if you noticed a mistake in one of your calculations?

This question can help interviewers understand how you respond to challenges and errors. Your answer should show that you are willing to take responsibility for your mistakes, learn from them and correct them as soon as possible.

Example: “If I noticed a mistake in one of my calculations, I would first make sure it was an honest error on my part. If so, I would immediately inform the person who requested the information about the mistake and provide them with the correct information. Then, I would work to ensure that I didn’t make the same mistake again by reviewing my methods and making any necessary adjustments.”

How well do you understand the laws and regulations that impact insurance companies?

The interviewer may ask this question to assess your knowledge of the laws and regulations that impact insurance companies. Use your answer to highlight any experience you have with these regulations, including how you apply them in your work.

Example: “I understand the importance of following all state and federal laws and regulations when working as an accountant for an insurance company. In my last role, I helped my team prepare for annual audits by ensuring we were compliant with all relevant laws and regulations. For example, I ensured our financial records were accurate and up-to-date, which helped us pass our most recent audit without issue.”

Do you have experience working with auditors?

Auditors are an important part of the insurance accounting process. Employers ask this question to make sure you have experience working with auditors and understand how they can help your work. In your answer, explain what auditors do and why it’s beneficial for accountants to work with them.

Example: “I’ve worked with auditors in my previous role as an accountant. Auditors helped me ensure that all of my numbers were accurate and I was following company policies. They also gave me feedback on my work so I could improve my processes and learn new things. Working with auditors has always been helpful because they give me constructive criticism while still being encouraging.”

When performing an audit, what is the first thing you look for?

This question is an opportunity to show your interviewer that you know how to perform a thorough audit. Use examples from previous experience to explain what you would look for and why it’s important.

Example: “The first thing I do when performing an audit is check the math on all of the calculations. This is because if there are any mistakes in the math, then everything else will be incorrect as well. Next, I review the company’s policies and procedures to make sure they’re being followed correctly. Finally, I compare the financial statements with the actual numbers to ensure that everything matches up.”

We want to improve our customer service. Give us one idea that could help us do this.

This question is a great way to see how you can improve the company’s customer service. It also shows that the interviewer wants to know your ideas for improvement and growth.

Example: “I think one of the best ways to improve customer service would be to have an online portal where customers could submit their questions or concerns about their policies. This would allow them to get answers more quickly, as well as provide us with valuable information on what we need to do to improve our services. I’ve worked in this industry long enough to know that it’s important to listen to our customers.”

Describe your process for reconciling accounts.

This question is an opportunity to show your interviewer that you have the skills and experience necessary for this role. Use examples from previous jobs to describe how you complete this task, including any specific methods or tools you use.

Example: “I start by reviewing all of my client’s invoices and comparing them with their corresponding receipts. I then enter the data into a spreadsheet program where I can easily compare numbers and make sure they match. If there are discrepancies between the two documents, I contact the client to get more information about the discrepancy so I can correct it in the system. Once everything matches up, I submit the reconciliation report to my manager.”

What makes you stand out from other candidates?

Employers ask this question to learn more about your qualifications and how you can contribute to their company. When answering, it’s important to highlight a skill or experience that makes you unique from other candidates. You may also want to mention something that relates to the job description.

Example: “I have five years of experience as an insurance accountant, but I am still passionate about learning new things. In my last role, I took online courses in financial modeling and risk management because I wanted to expand my knowledge. This helped me understand complex accounting processes and develop my skills even further. I think these additional skills make me stand out from other candidates.”

Which accounting software do you prefer to use and why?

This question can help the interviewer determine your comfort level with a specific accounting software. It also helps them understand which programs you are familiar with and how long you have been using them. When answering this question, it can be helpful to mention any certifications or training you’ve had in regards to the software you prefer.

Example: “I am most comfortable working with QuickBooks because I have been using it for over five years now. I originally learned on Peachtree but switched to QuickBooks when I started my last job. I found that I was more efficient with QuickBooks and enjoyed learning new features. I completed their certification program as well.”

What do you think is the most important trait for an insurance accountant to have?

This question is your opportunity to show the interviewer that you have the skills and traits necessary for success in this role. When answering, think about what you’ve seen from other insurance accountants at your current or previous job. Consider mentioning a trait that they all seem to share.

Example: “I believe the most important trait for an insurance accountant to have is attention to detail. I’ve noticed that many of my colleagues are very good at double-checking their work and making sure that every number adds up correctly. This helps ensure that our clients receive accurate information when calculating their premiums.”

How often should you perform audits?

Audits are an important part of the accounting process. Auditing involves reviewing financial records to ensure they’re accurate and complete. The interviewer may ask you this question to learn about your audit experience and how often you perform audits for clients. Use your answer to highlight your knowledge of when it’s appropriate to conduct audits.

Example: “I typically recommend performing audits every six months or once a year, depending on the client’s needs. For example, if a company is experiencing issues with their finances, I would suggest conducting an audit more frequently. However, most companies don’t need to have frequent audits because they keep good records. In my last role, I performed annual audits for all of my clients.”

There is a bug in your accounting software. What is your process for fixing this?

This question is a great way to see how you approach problems and challenges in your work. Your answer should show that you are willing to take initiative, learn new things and solve problems on your own.

Example: “I would first try to find the bug online by searching for it. If I can’t find anything, I will contact my supervisor or IT department to help me fix the issue. Once I know what the problem is, I will research different ways to fix it. I may be able to do this myself if it’s something simple, but if not, I will ask for help from others until I am able to resolve the issue.”