FAQ: Insights from Michael Jones, Co-CEO of Combined Ratio Solutions
Summary
Michael Jones, Co-CEO of Combined Ratio Solutions, shares insights on revolutionizing the P&C insurance technology sector with open-source solutions, highlighting the company's global footprint and innovative business model.
What is Combined Ratio Solutions (CRS) and what does it specialize in?
Combined Ratio Solutions is an InsurTech company based in Hartford, Connecticut, specializing in modernizing property and casualty (P&C) insurers’ technology infrastructure with a license-free, open-source alternative to outdated policy administration platforms.
Who is Michael Jones and what is his role in CRS?
Michael Jones is the Co-CEO of Combined Ratio Solutions, with over 20 years of insurance industry expertise, focusing on risk management and technology deployment to empower insurers with scalable, cost-effective solutions.
Why did Michael Jones and his co-founder launch CRS?
They launched CRS in 2018 to address the industry’s issue of outdated, overpriced policy administration platforms, offering an open-source alternative that removes vendor lock-in and gives control back to carriers and MGAs.
How does CRS’s business model differ from conventional models in the InsurTech space?
CRS diverges from traditional PE-backed models by driving revenue through hosting, support, and service work rather than licensing, focusing on long-term value through service and IP ownership.
What is the global footprint of Combined Ratio Solutions?
Headquartered in Hartford, CT, CRS has operations in New York City, Montevideo (Uruguay), Tbilisi (Georgia), Buenos Aires, and Belgrade, employing over 200 people globally.
What market does CRS primarily target?
CRS primarily targets tier-2 and tier-3 insurers, offering tech solutions to smaller carriers that lack the scale or resources of larger insurers, while also working with some tier-1 players.
How did CRS start and what was its initial funding strategy?
After a venture capital pullback, Jones and his partner chose to self-fund, launching with service contracts and reinvesting early profits to build their proprietary policy administration system, OSPolicy.
What makes CRS unique in the insurance tech space?
CRS is unique for its open-source policy administration system, rejection of the typical license-revenue valuation model, and focus on long-term value through service and IP ownership, positioning themselves as ‘rebels’ in the industry.
How can someone connect with Michael Jones for more information?
Michael Jones can be connected with on LinkedIn via his profile at https://www.linkedin.com/in/michael-jones-94b2827/.
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