A tubular running tool equipped with a mandrel having an elongated body with a longitudinal axis and configured for suspension above a wellbore. A plurality of slips are disposed on the mandrel. Each slip is configured to receive and retain a swappable insert. Each swappable insert is configured with a gripping portion on a surface thereof. A sensor is configured to detect when a tubular is in a determined position to permit actuation of the mandrel to urge the slips radially outward such that the slips remain parallel to the longitudinal axis of the mandrel and the inserts are correspondingly urged radially outward. A method and system using the tool for running a tubular and providing a makeup torque.