A new InsurTech service provider focused on the property and casualty (P&C) industry has been launched by industry veterans Luke Magnan and Michael Jones, called Combined Ratio Solutions.
Based in Hartford, Connecticut, Combined Ratio, an InsurTech service provider, is focused on delivering technology solutions that create overall value for insurers and managing general agencies (MGAs).
The company was founded by Magnan and Jones, and brings extensive experience in P&C insurance, across both broker insurance company spaces, US admitted and specialty markets, London markets, and also reinsurance.
Combined Ratio’s Chief Executive Officer (CEO), Jones, said: “There was a clear need in the market. Insurance companies need the ability to concentrate more on product design and customer service, and technology can either be an enabler or a distraction. Working from an industry hub, like Hartford, Combined Ratio fills the gaps in insurers’ IT development capabilities without compromising service.”
According to the announcement on its official launch, Combined Ratio has built teams of experienced insurance system development professionals.
Magnan, Chief Operating Officer (COO) for Combined Ratio, added: “Modernization of legacy systems consumes considerable time, budget, and talent for many insurers. We’re taking the heavy lift of the services and development off the table for insurers and enabling integration with emerging InsurTech innovations at the same time.”