Modern Systems and Mutuals: Insights from ChainThat’s CEO at NAMIC

At the recent NAMIC 130th Annual Convention in San Diego, our CEO, Vikas Acharya, joined AM Best TV to discuss how mutual insurers can balance tradition with the need for modernisation.

Mutuals are trusted, community-focused insurers that often serve highly specialised markets — from farm and agricultural lines to regional property risks. But as Vikas explained, they face mounting challenges: legacy systems, regulatory complexity, and rising costs.

During the interview, Vikas highlighted three key pointers for mutuals:

1. Preserving niche advantages with flexible platforms
   Mutuals shouldn’t have to sacrifice their uniqueness to modernise. Technology must adapt to their specialised workflows and markets.
2. Building compliance into the platforms
   Modern platforms can integrate seamlessly with data sources like Verisk and LexisNexis, making multi-state and multi-line compliance faster and more efficient.
3. De-risking policy migrations
   Historically, migrations were seen as risky, expensive, and disruptive. But modern systems, such as BPA, now make this process seamless.

As he concluded:

“The agility of modern platforms, paired with the right people and processes, allows mutuals to serve their communities better while positioning for the future.”

Watch the full interview with AM Best TV below and explore how mutual insurers can transform with confidence.