Customer story
Acko General Insurance: the IRDAI close, from 3 days to 1
Acko General Insurance's month-end IRDAI close had a step no off-the-shelf tool handles. A custom skill and a Munshi agent on the FINAHQ MCP now run it, and the close takes a day instead of three.
| Books | Oracle |
|---|---|
| Runs on | The FINAHQ MCP |
| Procedure | Acko's own, written as a skill |
| Approval | One list, before anything is written |
| Result | IRDAI close from 3 days to 1 |
Lease accounting under Ind AS 116 takes a day less, with a second agent.
The monthly IRDAI close went from 3 days to 1.
The blocker
Every month, new insurance products appear on the trial balance, and the line-of-business statements have to cover every one of them. The fixed asset, investment and policyholder-input registers have to tie to the books, and the month’s adjustments have to be posted, before the IRDAI statements can be produced. No off-the-shelf tool handles that step.
What we built
We took Acko’s own close procedure and turned it into a skill, and a Munshi agent runs it every month on the FINAHQ MCP. The team names the month and drops the registers into a folder. The agent does the rest:
- Pulls the trial balance from Oracle and proves it balances
- Checks every product on the trial balance against the line-of-business sheet, and proposes rows for new ones
- Ties each register to the trial balance before loading it
- Prepares the month’s journals and checks that each one balances
- Renders the IRDAI statements and runs every control check
One approval, not fifty steps
Nothing is written to the books until Acko’s team approves it, in a single list with the amounts and the check each item passed. The agent makes no accounting judgments: where something doesn’t tie, it says so and shows the evidence. At the end, the team gets a one-screen summary of what closed, what is flagged and what needs them.
Leases, too
Acko’s second agent handles Ind AS 116. It reads each lease, from the signed deed or the lease workbook, and builds the register, the right-of-use and liability schedules and the payments, ready for the team to approve. Lease accounting now takes a day less.
What’s yours?
Every group has a step like this: accruals rebuilt in Excel every month, a revenue recognition schedule only one person trusts, a regulator’s format. See the agents Munshi builds, or tell us your blocker.
Questions
Commonly asked
What does the agent do on the IRDAI close?
It pulls the trial balance from Oracle and proves it balances, checks every product on the trial balance against the line-of-business sheet, ties each register to the books before loading it, prepares the month's journals and renders the IRDAI statements with every control check.
Does the agent make accounting decisions?
No. It follows Acko's own procedure. Where something doesn't tie, it says so and shows the evidence, and nothing is written to the books until Acko's team approves it.
What happens when a new insurance product appears?
The agent finds it on the trial balance, sees it is not yet on the line-of-business sheet, and proposes the row for the team to approve, so the statements cover every product.
How does the lease agent work?
Acko's team gives it the lease documents. The agent prepares the Ind AS 116 schedules from them, and nothing is posted until the team approves.