Combined Ratio Solutions: Revolutionizing Insurance Technology with Open-Source Solutions

Combined Ratio Solutions (CRS), under the leadership of Co-CEO Michael Jones, is making significant strides in the InsurTech sector by addressing a critical industry challenge: the reliance on outdated, expensive policy administration platforms. Founded in 2018, CRS has developed a license-free, open-source alternative that empowers property and casualty (P&C) insurers with greater control and flexibility over their technology infrastructure.

With over 20 years of insurance industry expertise, Jones has guided CRS to focus on tier-2 and tier-3 insurers, offering tailored technology solutions that larger carriers often overlook. The company's unique business model, which eschews traditional licensing fees in favor of hosting, support, and service work, has allowed it to remain profitable from inception. This approach not only challenges conventional industry practices but also provides smaller insurers with access to scalable and cost-effective technology solutions.

CRS's global footprint, with offices in Hartford, CT, and operations in Uruguay, Argentina, Serbia, and Georgia, underscores its commitment to leveraging international talent and diverse engineering education models. This strategy has enabled the company to build a robust, cross-cultural team capable of delivering innovative solutions to a global clientele.

One of CRS's key innovations is its open-source Policy Administration System (OSPolicy), which eliminates perpetual licensing fees and allows insurers to fully own, modify, and deploy the software on their preferred infrastructure. This system is particularly beneficial for mid-sized carriers seeking to modernize their operations without the burden of exorbitant costs.

Looking ahead, CRS is positioning itself as a facilitator for insurers ready to embrace advanced technologies like AI. While the company does not develop AI solutions directly, it provides the necessary infrastructure for insurers to implement these technologies effectively, ensuring they remain competitive in a rapidly evolving industry.

The success of CRS can be attributed to its unconventional but effective growth path, characterized by calculated risk-taking, a clear division of responsibilities among its leadership, and a strong internal culture. Michael Jones's vision of empowering the insurance industry through transparent, scalable, and cost-effective technology continues to drive the company forward, making it a standout player in the InsurTech space.