Breakthrough Open Risk Modeling and Analytics Platform
The platform, known as EigenPrismTM, gives insurance company, brokerage and corporate risk management clients access to high-speed modeling and robust analytical capabilities that previously were available to a limited number of technical experts within their organizations.
EigenPrism enables clients to run multiple models in a single platform seamlessly, as well as to rapidly adjust underlying assumptions and scenarios. Clients can readily access models from a broader range of providers, strengthening their ability to quantify exposures, evaluate underwriting risk criteria and insurance coverages, and plan for catastrophic events – all by using the most appropriate models for their specific needs.
“We have designed EigenPrism starting from the users’ needs to deliver anytime, anywhere access to risk data, risk analytics and crowd-sourced risk models in an integrated, open and visually engaging environment,” said Deepak Badoni, president, EigenRisk, Inc. “Those charged with managing risks need these capabilities to be more self-sufficient in data discovery, scenario planning and modeling, leading to faster and better informed business decisions.
“Our goal is to make impactful analytics and risk intelligence available real-time to a wider range of individuals in the risk management, insurance, and brokerage sectors. We believe this will foster a new culture of amplified risk intelligence where predictive and proactive solutions are the norm,” he continued.
EigenPrism provides an integrated framework that will include such modules as:
- Exposure analytics. A global geo-visualization solution with integrated data interrogation tools to be used with new or historical data for data discovery, and identifying trends or anomalies.
- Deterministic loss analytics. Users can choose from a catalogue of proprietary or partnered event footprints to create and change assumptions or move events interactively to create “what-if” and/or “worst-case” scenarios.
- Program builder. Model a complete insurance program, including primary coverages and excess layers, and assess the potential impact of what-if scenarios and alternative program structures.
- Event response. Access real-time, historical, or user-created scenarios to plan for, respond to, and manage catastrophes.
- Business interruption analytics. Obtain supply chain metrics, resiliency management, and loss reporting as a result of catastrophe or hazard exposed risks.
- Probabilistic loss analytics. Choose from a catalogue of proprietary models and those from partner firms and use pre-configured assumptions or adjust and drill down into spatial, time or event driven dimensions to create an alternative loss distribution and view of PML, AAL and other probabilistic loss metrics.
- Technical pricing. Delivers transparency and assists underwriters, brokers, actuaries, analysts and other risk professionals in the evaluation and design of individual contracts or insurance programs integrated with underlying model results.
EigenPrism eliminates the need for companies to obtain and try to reconcile several different and in some cases incompatible analytical and modeling products, including those for geospatial analytics, model analyses, and performance monitoring. Instead, EigenRisk’s platform enables users to move seamlessly through multiple applications to identify and quantify exposures on a global scale, model loss scenarios in various parts of the world, and develop and analyze the effectiveness of potential solutions.
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EigenRiskTM, Inc., an independent software and professional services firm, delivers a speed-of-thought risk analytics and open architecture model execution platform to the insurance, reinsurance, brokerage, and risk management community. Headquartered in Ann Arbor, MI, the firm has operations in Bangalore, India; Fairfield, CT; Miami, FL; Orange County, CA; and San Francisco, CA. EigenRisk’s partner ecosystem offers insurance and reinsurance company professionals new and growing sources of hazard data and catastrophe models so they can ask more informed questions and deliver more transparent results. The firm also offers clients the ability to access a collection of high-performance engines that power its analytics modules using a set of application programming interfaces (APIs). Thus, clients can choose to integrate the modules into their existing enterprise applications. Visit www.eigenrisk.com.