CIO Review’s Top 20

In its March, 2015 issue, CIO Review published its list of the top 20 most promising HPC solution providers.  We were honored to be included.  The following article is from page 28 of that issue.

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 five different customer segments that are all part of the (re)insurance and risk management eco-system – 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 data sets 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. “We were able to demonstrate in a few minutes, workflows that are currently taking them 2-3 days of effort.” he adds.. Futhermore, the company’s other offering, EigenRACE, is a set of APIs that enables customers to integrate EigenRisk’s analytics engines with their applications.

As management of HPC environments poses several challenges—from having to deal with rapidly evolving hardware to handling demanding users, “with our cloud deployment architecture, we have ensured that the infrastructure management is transparent to the users,” remarks Badoni. “In the background, we use the elastic computing capabilities of the cloud to scale on demand, which will help keep operational costs low,” he adds. Apart from this, there

are usage dashboards and alarms to inform users about important pieces of information like long running queries, which can be moved to lower priority threads.

“EigenRisk’s functionally rich offerings are justthe tip of the iceberg, which in near future will unlock a platform for many more innovative solutions dedicated to the (re) insurance and risk management segment,” says Badoni. “For example, our exposure analytics module is designed to answer what-if questions by aggregating risks from millions of assets exposed to a potential event,” he adds. The vision of EigenRisk is to tackle the frequency and timing aspect of all such events over a time period, which will ultimatelyempower decision makers to evolve from risk management to risk mastery. “We want to be the leading provider of innovative risk analytics solutions for risk decision makers and the most trusted deployment platform for risk modelers,” concludes Badoni.

Company: EigenRisk

Website: eigenrisk.com

Location: Ann Arbor, Michigan

Management: Deepak Badoni, Co-founder and President

Description: Leverages the latest advances in HPC and big data technology to design, from the ground-up, a radically different way of consuming risk analytics in the enterprise.

Quote: “We want to be the leading provider of innovative risk analytics solutions for risk decision makers and the most trusted deployment platform for risk modelers”