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

Michael Jones, Co-CEO of Combined Ratio Solutions (CRS), shares insights into how the InsurTech company is transforming the property and casualty (P&C) insurance sector with its open-source policy administration system, OSPolicy. Founded in 2018 and headquartered in Hartford, Connecticut, CRS targets tier-2 and tier-3 insurers, offering them scalable, cost-effective technology solutions that deviate from traditional licensing models.

CRS's unique business model, which emphasizes service contracts over product licensing, has allowed the company to remain profitable from its inception. By reinvesting early profits into developing OSPolicy, CRS provides insurers with a license-free alternative to outdated policy administration platforms, enabling them to own and modify the software according to their needs. This approach not only challenges the conventional PE-backed models but also positions CRS as a rebel in the insurance tech space.

The company's global footprint, with offices in New York City, Montevideo, Tbilisi, Buenos Aires, and Belgrade, leverages international talent to drive innovation. Jones highlights the importance of a co-leadership structure with Luke Banglin, focusing on operational efficiency and accountability rather than personal relationships. Despite challenges such as navigating political uncertainties in international markets and the COVID-19 pandemic, CRS has achieved significant milestones, including establishing a strong cross-cultural internal culture.

Looking ahead, CRS aims to provide the foundational infrastructure for insurers to adopt advanced technologies like AI, further cementing its role as a key player in the InsurTech industry. Jones's personal reflections underscore the value of risk-taking and trust in the company's unconventional yet successful growth trajectory.