As artificial intelligence is gaining ground in insurance, insurers are increasingly interested in ‘quantum computing’ technology as well. The combination of massive computing power offered by the quantum computers, and advances in AI provides an opportunity to completely transform the insurance business with advanced risk modeling and real-time data processing.

​

Quantum technology is giving rise to a significant risk for insurers, the quantum computers can potentially break the widely used encryption algorithms within hours, which leads to significant cyber, liability, and business disruption risks for insured enterprises. Many hackers are using strategies such as ‘Harvest now, decrypt later’ (HNDL) to acquire the encrypted data and wait until the quantum computers are available to decrypt it.

​

Hence, it is evident that insurance companies should act now and be future-proof by leveraging and advocating quantum-safe cryptography, as early adopters will develop a strong competitive edge and shape the future of the insurance industry.

 

LTIMindtree is organizing a roundtable & immersion session for the insurance industry leaders jointly with technology leaders in this space to discuss ‘Quantum Computing’, the opportunities and risks for the insurers, and what it means to be #QuantumReady.