Willis Towers Watson and Microsoft promise to transform risk management with quantum computing collaboration
- Published: Thursday, 23 May 2019 08:38
Willis Towers Watson has announced an exclusive agreement with Microsoft to develop the potential of quantum computing for its risk management and insurance clients.
Willis Towers Watson has a long-standing partnership with Microsoft, focused on the development of cutting-edge technology and bringing advanced modelling tools to insurers across the globe. This latest announcement is a natural extension of that partnership and ‘offers the potential to transform risk quantification and make the insurance value chain more efficient’.
John Haley, CEO, Willis Towers Watson, said, “Willis Towers Watson provides advanced analytics tools to over 1,000 insurers around the world, allowing them to quantify risk and allocate capital efficiently. Current modelling techniques to quantify risk require a huge amount of computing power, using thousands of computers over many hours. The better the models, the more efficiently our clients can use their capital to manage risk. Quantum computing offers us the chance to look at our clients’ problems in a different way. By focusing on how we would model the problems on quantum computers when they become available at scale, we are able to redefine the problems and speed up our solutions on existing hardware today.”
“The collaboration with Microsoft is tremendously exciting as we believe Microsoft’s unique approach to building the quantum computer will scale best and deliver the flexibility to meet even the most complex modelling needs of the insurance industry. 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.”