Financial Analyst
Work for Indiana
Grow your career with the State of Indiana! With more than 50 executive branch agencies, the State of Indiana is a diverse workforce offering employees stimulating and challenging projects across a broad scope of career opportunities. As a State of Indiana employee, you impact the well-being of Indiana’s communities every day.
At the State of Indiana, we don’t just talk about diversity and inclusion - Our goal is to create a welcoming, accessible, and equitable workplace, with a workforce that is representative of the State of Indiana population. As a proud equal opportunity employer, reasonable accommodations may be available to enable individuals with disabilities to complete the application and interview process, as well as perform the essential functions of a role.
Next Level benefits at the State of Indiana are here! Be sure to review our expanded benefit package offerings below.
About the Indiana Department of Insurance (IDOI):
The Indiana Department of Insurance protects Hoosiers as they purchase and use insurance products to keep their assets and their families from loss or harm. IDOI also monitors the financial solvency of insurance companies in Indiana so that legal promises in insurance policies are honored.
Salary Statement:
This position traditionally starts at an annual salary of $59,800 but may be commensurate with education and job experience.
Role Overview:
The purpose of the Financial Analyst position withing IDOI is to perform a financial analysis of supplemental filings made by an insurer to monitor theinsurer's statutory compliance solvency on an ongoing basis. The job responisibilites of this role include:
- Perform risk analysis of the annual statement, quarterly statements, and all other supplemental filings made by an insurer within the NAIC accreditation review timing guidelines
- Perform an appropriate level or depth of review of the risk analysis and document the risk analysis findings within the NAIC accreditation review standards
- Perform an appropriate level or depth of the review of the material transactions promptly.
- Make recommendations regarding proposed solutions to problems, actions necessary to address outstanding issues, and actions necessary to address troubled insurance companies.
- Promptly communicate material adverse findings and/or relevant information to the appropriate person(s)
- Review "troubled" foreign insurance companies as deemed necessary and make a recommendation regarding appropriate regulatory actions
- Review changes to Certificate of Authority including but not limited to new formations, adding or deleting lines of business, withdrawal, merger, etc
- Review Accredited Reinsurer Applications and subsequent annual filings
- Prepare various reports or gather specific information requested by the Manager, Chief Examiner, or the Commissioner.
This position REQUIRES a degree in Accounting.
About the Job:
As the Financial Analyst, you will be responsible for reviewing past and current trends to forecast future financial opportunities or constraints. In this position, you will work closely with the accounting team and top financial leader of the agency to analyze data from financial statements to make recommendations on future expenditures.
A Day in the Life:
The essential functions of this role are as follows:
- Certify the accurate reporting of agency financial data with respect to area of assignment.
- Assist controller in developing annual and biennium budget(s).
- Responsible for the monitoring of expenditures are met in accordance with grant provisions.
- Assist controller in monitoring expenditures on an ongoing basis to ensure budget compliance.
- Review contracts to verify funding source and adherence to annual budget.
- Assist in preparation of financial data for monthly and quarterly financial reviews.
- Work with contract compliance officer on all financial related matters.
- Assist in the development of performance measures for contracts and programs.
- Assist controller in developing and / or revising funding models for current or future agency programs.
- Analyze and research issues of interest for other program areas within the agency, identifying patterns and trends.
The job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee. Other duties, responsibilities and activities may change or be assigned at any time.
What You'll Need for Success:
You must meet the following requirements to be considered for employment:
- Through knowledge of the theories, principles, and practices of public finance.
- Extensive knowledge of federal and state laws, policies, and procedures as they pertain to public finance programs.
- Extensive knowledge of agency organization, function, and purpose.
- Specialized knowledge of automated fiscal systems.
- Advanced knowledge of computer and software programs and the ability to utilize these skills in assigned job functions.
- Excellent organizational and interpersonal skills.
- Dependability, attention to detail, good time management and multi-tasking skills.
- Flexibility and adaptability to respond quickly to issues and needs.
- Ability to communicate effectively with agency (non-agency) Finance staff.
- Excellent written and verbal communication skills.
- Ability to organize, prioritize and manage workflow.
- Excellent problem solving and analytical skills.
- Ability to accurately review, track and analyze financial data.
- Ability to understand and write reports, data collection and reporting procedures.
- Formulate sound recommendations and make appropriate decisions with the consideration of potential impact on agency programs.
- Ability to analyze and audit fiscal accounts, contracts, records, claims transactions and financial reports.
- Ability to coordinate workflow of subordinate employees.
Supervisory Responsibilities/Direct Reports:
This role may serve as a team lead for an assigned work group.
Benefits of Employment with the State of Indiana:
The State of Indiana offers a comprehensive benefit package for full-time employees which includes:
- Three (3) medical plan options (including RX coverage) as well as vision and dental plans
- Wellness Rewards Program: Complete wellness activities to earn gift card rewards
- Health savings account, which includes bi-weekly state contribution
- Flexible work scheduling options, including the potential for hybrid remote work for employees whose work may be performed outside state facilities
- Deferred compensation 457B account (similar to 401k plan) with employer match
- Two (2) fully-funded pension plan options
- A robust, comprehensive program of leave policies covering a variety of employee needs, including but not limited to:
- 150 hours of paid new parent leave
- Up to 15 hours of paid community service leave
- Combined 180 hours of paid vacation, personal, and sick leave time off
- 12 paid holidays, 14 on election years
- Education Reimbursement Program
- Group life insurance
- Referral Bonus program
- Employee assistance program that allows for covered behavioral health visits
- Qualified employer for the Public Service Loan Forgiveness Program
- Free Parking for most positions
- Free LinkedIn Learning access
Equal Employment Opportunity:
The State of Indiana is an Equal Opportunity Employer and is committed to recruit, select, develop, and promote employees based on individual ability and job performance. Our policy is to provide equal employment opportunity to all people in all aspects of employer-employee relations without discrimination because of race, color, creed, religion, sex, national origin, ancestry, age, sexual orientation, gender identity, physical or mental disability, or veteran status. We will comply with the spirit as well as the letter of all applicable state and federal laws.
If you are a qualified individual with a disability and require reasonable accommodation in completing this application, you can request assistance by contacting the Indiana State Personnel Department at jobs@spd.IN.gov.
The State of Indiana has established a culture that welcomes equity, inclusion, and opportunity for all employees and applicants. We encourage you to apply if you feel you have the transferrable skills to be successful in this position and we look forward to reviewing your application.