Allstate has joined the Chicago Quantum Exchange (CQE) as a corporate partner, becoming one of the first major insurers to explore how quantum computing can help solve some of the most complex insurance challenges.
“Allstate has thrived for 94 years by creating the future, not simply adapting to trends,” said Tom Wilson, Chair, President and CEO of The Allstate Corporation. “Quantum computing is a path to better serving customers, providing opportunity for employees, and generating returns for shareholders. Allstate’s all in!”
Quantum computing aims to enable the analysis of massive volumes of data at unprecedented speed. It has the potential to redefine how insurers assess risk, detect fraud and serve customers. While the technology is still evolving, Allstate sees early promise in its ability to improve precision, speed and scalability across its operations in support of customers.
As part of the CQE, Allstate will engage with leading quantum researchers, startups and technologists across the growing Illinois-Wisconsin-Indiana quantum innovation ecosystem. This includes opportunities to accelerate development in artificial intelligence and machine learning, enhance digital decision-making, and prepare for quantum-ready solutions of the future.
“Quantum technologies offer transformative potential for many industries, including insurance,” said David Awschalom, the University of Chicago’s Liew Family Professor of Molecular Engineering and Physics and director of the Chicago Quantum Exchange. “Companies like Allstate that are working now to develop sector-specific future applications will be among the first to reap the benefits. We are excited to collaborate with Allstate and welcome them as a partner to the Chicago Quantum Exchange.”