EigenRisk: Empower Decision Makers to Evolve from Risk Management to Risk Mastery

The (re) insurance and risk management community is not known to be a hotbed of technology innovation, let alone HPC technology. However, there is recognition and increasing interest among organizations to employ advanced technology in order to achieve improved results in their business processes. In the field of risk management, there are certain major challenges that need to be addressed, whether it is “right pricing” of insurance contracts or responding faster to natural catastrophes. Adding to this, there is a clearer recognition of ‘’Big Data’’ challenges arising from simulations of millions of potential events on millions of assets. The solution that the community needs should not only handle Big Data, but also do faster data retrievals and effective computations.

EigenRisk, the Ann Arbor, MI headquartered company leverages the latest advances in High-Performance Computing and Big Data technology to design, from the ground-up, a radically different approach to consuming risk analytics in the enterprise. The company serves the insurance eco-system comprising corporate risk managers, intermediaries, insurance and reinsurance companies, capital markets and risk modeling companies. EigenRisk's products are designed to leverage the commonality of the fundamental data elements being analyzed by all of these parties. “Ultimately, everyone is trying to quantify their exposure to risk from the same set of potential events to the same set of ‘assets’ such as property, life, auto, cargo, and more,” says Deepak Badoni, CEO, EigenRisk.

For instance, one of the company’s products, EigenPrism, a cloud-based solution is intended for those who want a one-stop risk analytics platform without the headache of managing infrastructure. EigenPrism is designed to be modular, with the ability to extend the capabilities that the company has to offer out of the box—whether it is adding new data representations, or new models. “Our product, EigenPrism, has been vetted with over thirty potential customers across various industry segments to validate its applicability to their core business processes,” says Badoni.