August 3, 2021 – 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 select quantum vendor profiles.

Key Points and Findings

• 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.