Curated News
By: NewsRamp Editorial Staff
July 28, 2025
Revolutionizing Insurance Tech: Michael Jones Leads CRS to Global Success
TLDR
- Combined Ratio Solutions offers a competitive edge to insurers by providing a license-free, open-source policy administration system, eliminating vendor lock-in and reducing costs.
- CRS operates on a unique business model, reinvesting early profits into developing their open-source policy administration system and generating revenue through hosting and support services.
- By modernizing insurance technology infrastructure, CRS empowers smaller insurers with scalable solutions, fostering innovation and efficiency in the global insurance industry.
- Michael Jones co-founded CRS with a bootstrapped approach, turning a venture capital setback into a profitable global InsurTech company with a rebel philosophy.
Impact - Why it Matters
This news matters because it highlights a significant shift in the insurance technology sector, where traditional, costly, and inflexible systems are being replaced by innovative, open-source solutions. CRS's approach not only levels the playing field for smaller insurers but also sets a new standard for efficiency and transparency in the industry. For readers in the insurance and technology sectors, this represents an opportunity to rethink how technology can be leveraged to drive growth, reduce costs, and enhance operational flexibility. The story of CRS and Michael Jones is a testament to the power of resilience, innovation, and strategic leadership in overcoming industry challenges and achieving global success.
Summary
Michael Jones, CEO of Combined Ratio Solutions (CRS), is revolutionizing the property and casualty (P&C) insurance technology sector with a focus on modernizing outdated policy administration platforms. Founded in 2018 with co-owner Luke Magnan, CRS offers a license-free, open-source alternative that empowers insurers by removing vendor lock-in. With over 200 employees globally, CRS operates from Hartford, Connecticut, and has expanded internationally to Uruguay, Argentina, Serbia, and Georgia. The company's innovative approach includes a proprietary policy administration system (PAS) released as open-source (OSPolicy), driving revenue through hosting, support, and service work rather than traditional licensing models. Michael's leadership is characterized by a commitment to transparency, scalability, and cost-effectiveness, challenging industry inefficiencies head-on.
CRS's strategy targets tier-2 and tier-3 insurers, providing them with the technological tools to compete with larger carriers. The company's bootstrapped origins and self-funded launch highlight its resilience and innovative business model, focusing on long-term value through service and IP ownership. Michael and Luke's co-leadership structure emphasizes operational efficiency and accountability, avoiding the pitfalls of a 'friends-as-founders' model. CRS's milestones include immediate profitability, growth during COVID-19, and navigating international market challenges. The company is poised to support insurers in implementing advanced technologies like AI, offering the necessary infrastructure for future-ready solutions.
Source Statement
This curated news summary relied on content disributed by citybiz. Read the original source here, Revolutionizing Insurance Tech: Michael Jones Leads CRS to Global Success
