Allstate joins the Chicago Quantum Exchange as corporate partner

Allstate recently joined the Chicago Quantum Exchange (CQE), a hub of quantum science and engineering information based at the University of Chicago, as a corporate partner. According to the press release, Allstate sees potential in quantum computing's accelerated ability to analyze high volumes of data and improve accuracy and scalability across business operations, thus transforming insurance risk assessment and fraud detection capabilities.

"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, in the announcement. "Quantum computing is a path to better serving customers, providing opportunity for employees, and generating returns for shareholders. Allstate's all in!"

Through the CQE community, Allstate will work with quantum experts and technologists, as well as with startups, on quantum research and development of artificial intelligence and machine learning.

"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."