Willis Towers Watson sees potential to transform risk quantification and make the insurance value chain more efficient.
“Current modelling techniques to quantify risk require a huge amount of computing power, using thousands of computers over many hours, said WLTW CEO John Haley.
Even before quantum computing is available, the technology provides a different perspective on defining and modeling problems, according to WLTW.
“In the near term, we are working on leveraging the insights gained from quantum inspired algorithms to significantly enhance the models we can currently run in Azure,” he said.
In January, Exxon and IBM signed a partnership pact for the potential use of quantum computing in energy and manufacturing technologies.
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