Within financial services, quantum computing is getting a lot of attention. Recent publicity is flourishing, thanks to quantum commercialization efforts. Fears about the worst-case scenario—the possible fall of security, from emails to digital transactions and signatures—are putting the spotlight on quantum computing and the risks potentially associated with it.Executive SummaryMedia reports about the potential of quantum computing to compromise everything from digital transactions to emails and digital signatures are overblown, according to Celent’s Craig Beattie. Here, he explains the power and speed of QC and outlines possible use cases for insurers, including price optimization, agency workforce planning and call-center routing possibilities.
However, quantum computing’s future isn’t the doomsday that popular chatter may make it out to be. Let’s evaluate what quantum computing is and how it may impact financial services, including insurance.
Exponentially Faster; Super Scalable
Quantum computing promises a way of storing and retrieving information that is different from analog and digital approaches of the past. Proponents believe that new quantum computers will be much faster than contemporary computers, capable of performing new algorithms that aren’t available today.