The financial and insurance services take care of your money earned, ensuring it lasts a lifetime. Likewise, insurance helps you mitigate any losses you face, either due to ill health or other natural calamities.
The 11 Types of Finance & Insurance Companies –
1. Accounting Service Companies like pwc, EY, and Deloitte
An example can be Deloitte, they target their offerings at firms that seek mainly these four services – Audit Assurance and Business Risk Services, Consulting, Financial Advisory Services, and Tax
2. Brokerage Companies like Fidelity Investments, Charles Schwab, and Wells Fargo Advisors
An example can be Fidelity Investments, they make money by charging its clients fees for the management of accounts and other services.
3. Commerical Banks like JPMorgan Chase & Co., ICBC, and Japan Post Holdings Co. Ltd.
An example can be JPMorgan Chase, they generate revenue through the provision of various banking and financial services and products. Revenue is derived principally through fees and commissions imposed upon customers in relation to the Company’s services, including advisory, investment banking, management, and underwriting fees.
4. Consumer Finance Companies like Capital One, Rocket Companies, and Square
A consumer finance company is a non-bank company that provides financial products to individuals such as Mortgages, Automobile loans, Student loans, Personal loans, Credit cards, Payday loans and other alternative credit products.
An example can be Rocket Companies, which provides industry-leading real estate, mortgage, and financial services, empowering consumers through entities including Rocket Homes, Rocket Auto, and Rocket Mortgage, the nation’s largest mortgage lender.
5. Credit Collection & Services like Atradius Collections, Summit A.R, and TKG
An example can be Atradius Legal Collections, they help businesses take action against their debtor, wherever they are in the world by providing professional advice, expected outcomes, and access to a global network of lawyers.
6. eFinancial Companies like JP Morgan Chase & Co, Bank Of America, and Mastercard
An example can be MasterCard, which is a technology company in the global payments business that connects with consumers, financial institutions, merchants, governments, and businesses worldwide, enabling them to use electronic forms of payment instead of cash and checks.
7. Hedge Fund Companies like Bridgewater, Renaissance, and ManGroup plc
An example can be Bridgewater Associates, they are a premier asset management firm, focused on delivering unique insight and partnership for the most sophisticated global institutional investors.
8. Mortgage Banking Companies like Quicken Loans, SoFi, and loanDepot
An example can be Quicken Loans, they offer a standard nonbank selection of fixed- and adjustable-rate home loans, mortgage refinancing, and jumbo loans for higher-priced homes. In addition to conventional and VA loans, Quicken was the largest lender of FHA loans in 2020.
9. Private Equity Companies like The Blackstone Group, The Carlyle Group, and KKR
An example can be Blackstone, they make their money from two main sources: management fees and performance/incentive fees. Over the past few years, the mix has shifted more towards management fees. Across all of its business segments, management fees now rack up at around $5 billion per year.
10. Retail Banks like BPN Paribas, China Construction Bank, and ICBC
An example can be ICBC (Industrial & Commercial Bank of China Ltd), they offer personal loans, deposit-taking activities, card business, personal wealth management services, and various types of personal intermediary services to individual customers.
11. Insurance Companies like Allianz, Cigna, and Northwestern Mutual