Quantum Technologies Beginning to Shape the Future of Insurance Industry

Preparing for the security threat posed by quantum computers should soon become a top priority for insurers: Aite-Novarica Group

Boston, MA (Aug. 3, 2021) – Quantum technology is poised to fundamentally impact the way financial institutions do business. Data protection, risk modeling, portfolio management, and select processes enhanced by artificial intelligence and machine learning solutions may look very different in a quantum world. In a new research report, Quantum Technology and Insurance, research and advisory firm Aite-Novarica Group provides an overview of quantum theory, applications in financial services, recommendations for insurers incorporating quantum strategy into their five-year IT roadmaps, and select quantum vendor profiles.

“Innovative insurers and banks should strongly consider developing quantum literacy,” said Tiffany Wang, Chief of Staff and author of Aite-Novarica Group’s new report. “Financial institutions that incorporate quantum readiness into their five-year IT strategy roadmaps stand to benefit from greater customer trust and may even achieve a key competitive edge over their peers.”

Quantum Technology and Insurance (Novarica)

Among the key findings of the reports are:

  • Financial services firms are actively investing in quantum research. Interest in quantum business application development is at an all-time high.
  • Quantum computing poses significant security risks for financial institutions. Quantum machines may be capable of breaking some widely used public-key encryption methods.
  • Quantum technologies offer financial services firms promising growth opportunities. Early adopters of quantum may achieve key competitive advantages in risk modeling and AI/ML.

Click here for the online summary or to download the table of contents.

Report Summary

Quantum technology is poised to impact the way financial institutions do business, and insurers should start integrating quantum readiness into their three-to-five-year IT strategy roadmaps. Data protection, risk modeling, portfolio management, and select processes enhanced by artificial intelligence and machine learning solutions may look very different in a quantum world.

This report offers an overview of quantum theory, applications in financial services, recommendations for insurers incorporating quantum strategy into their five-year IT roadmaps, and 30  quantum vendor profiles.

Click here to access the report.

About Aite-Novarica Group

Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, markets, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. For more information, visit aite-novarica.com.

Source: Aite-Novarica Group

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