.jpg)
Global advisory and broking company, Willis Towers Watson has secured an exclusive deal with Microsoft to develop the potential of quantum computing for its risk management and insurance clients within the financial services, insurance and investment space.
According to Willis Towers Watson, this latest announcement extends its long-term partnership with Microsoft, and could transform risk quantification and make the insurance value chain more efficient.
Willis Towers Watson CEO John Haley explained quantum computing will offer the firm the chance to look at clients’ problems in a different way. The idea is that problems will be modelled on quantum computers when they become available at scale, allowing them to be redefined with solutions fast-tracked on to existing hardware.
“Willis Towers Watson provides advanced analytics tools to over 1,000 insurers around the world, allowing them to quantify risk and allocate capital efficiently,” Haley said. “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,” he noted.
Willis Towers Watson believes 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. The firm said it will also work on leveraging the insights gained from quantum inspired algorithms to significantly enhance the models it can currently run in Azure.
“Willis Towers Watson’s ability to apply technology in novel ways to benefit their customers is always inspiring,” Microsoft business development executive vice president Peggy Johnson added. “We’re thrilled to have our Microsoft Quantum team working side-by-side with their experts to develop next generation modelling tools.”
