Allstate Chair, President and CEO Tom Wilson is encouraging companies to begin learning about and investing in quantum computing as businesses assess the technology’s potential applications.
Quantum computing uses principles of quantum physics to address problems beyond the capabilities of today’s leading supercomputers. Although commercially meaningful applications remain under development, companies have started increasing their investment in the technology.
“Quantum will solve problems that traditional compute takes too long to do. And that AI can’t really do,” Wilson told The Wall Street Journal. However, he said the timing of quantum computing’s development and the extent of its potential competitive advantages remain uncertain.
At Allstate, a 10-person quantum computing team is exploring possible uses for the technology, and the company is expanding the group. One area under investigation involves evaluating complex risk factors and relationships. The goal is to determine whether quantum computing could support more precise pricing that better reflects the underlying risk associated with certain insurance policies.
