For insurers, brokers, and MGAs, managing complex financial flows has long been a source of inefficiency. Multi-entity structures, fragmented policy administration systems, and manual reconciliations make insurance finance a labour-intensive and error-prone process. ChainThat’s Beyond Insurance Accounting (BIA) platform is designed to change that.
In an exclusive interview with FinTech Global, ChainThat CEO Vikas Acharya reflected on the company’s 10-year journey and why BIA represents a major step forward for the industry.
“When we started in 2015, it was about blockchain and distributed ledger technology. But soon we realised the technology was only part of the solution. We needed platforms that actually make operations simpler and more accurate,” Acharya explains. “BIA lets insurance teams focus on what matters, not spreadsheets and manual reconciliations.”
BIA tackles long-standing challenges in insurance finance, including delayed reconciliations, duplicated accounts, and reliance on email or Excel for critical data. The platform captures transactions the moment a policy or endorsement is bound, automatically generating accounts and billing schedules while maintaining real-time integrity throughout the lifecycle.
“Even today, large insurers tolerate two to three percent errors on reconciliations,” says Steve Morgan, ChainThat’s Head of Analysis. “That’s millions of dollars sitting unidentified and weeks of extra work every month. BIA changes that by turning accuracy into a default, not an aspiration.”
The platform’s architecture, designed by CTO Praveen Nagpal, is built for the realities of insurance finance: multi-entity, multi-currency, cross-border operations with modular connectors to integrate with any upstream policy administration system.
Data from bordereaux, bank statements, remittances, or email attachments is ingested and structured automatically using Gen-AI-assisted tools. Automated matching and intelligent exception handling reduce manual effort while ensuring transparency and auditability.
“Finance teams used to spend days reconciling cash receipts and premiums. Now processes that used to take a week happen in hours,” Nagpal explains. “BIA does the heavy lifting, freeing teams to focus on decision-making rather than administration.”
ChainThat is taking a careful go-to-market approach, testing the platform across brokers, insurers, and MGAs in the UK, US, and Australia. Acharya says early adoption has been encouraging, particularly in markets with complex multi-currency and Lloyd’s-specific requirements.
“Our strategy is not just to fix what’s broken,” Acharya adds. “We’re building transformational gains that allow CFOs and operational leaders to rethink insurance finance entirely.”
Morgan emphasises the platform’s flexibility: “Insurance finance isn’t a single workflow. Brokers, MGAs, carriers—they all see the same transactions differently. BIA recognises that, providing each party with the view they need while maintaining a complete, unified audit trail.”
Integration with legacy systems is also a priority. Rather than forcing insurers into costly ‘rip-and-replace’ projects, BIA works as an intelligent layer that coexists with existing platforms, delivering immediate value while paving the way for long-term transformation.
Looking ahead, ChainThat plans to scale BIA in new geographies while continuing to enhance AI-driven data handling and reporting capabilities.
Acharya concludes: “Our mission hasn’t changed in 10 years: to unlock the business potential of insurance organisations. With BIA, we’re giving finance teams the tools to work smarter, faster, and with confidence.”
During this interview, Vikas Acharya, CEO, Praveen Nagpal, CTO, and Steve Morgan, Head of Analysis & Product Owner at ChainThat, explored several critical aspects of insurance finance transformation. They discussed:
How AI and automation can reduce manual workloads and improve accuracy across complex insurance operations
The challenges of multi-entity, multi-currency, and cross-border finance in the insurance industry
How BIA’s architecture and Gen-AI-assisted ingestion provide transparency, auditability, and operational resilience
The importance of designing systems that coexist with legacy platforms while delivering immediate value
Strategies for insurers, MGAs, and brokers to rethink finance as a competitive advantage rather than a back-office function
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