Munich Re joins QUTAC

Munich Re has participated with other big league corporate organisations from various sectors to jointly set up the Quantum Technology and Application Consortium (QUTAC).

The goal of the newly founded consortium is to further develop the existing fundamentals of quantum computing into usable industrial applications. Specifically, applications for the technology, chemical and pharmaceutical, insurance and automotive industries are to be brought to market maturity. This is intended to create the basis for a successful industrialisation of quantum computing in Germany and Europe. At the time of its founding, the consortium includes BASF, BMW Group, Boehringer Ingelheim, Bosch, Infineon, Merck, Munich Re, SAP, Siemens, and Volkswagen.

“In the Stimulus and Future Package, the German Government has given a big boost to the development of Quantum Computers. Working together with companies and start-ups we will identify, develop, trial, and share applications. There are many highly interesting areas, e.g., in logistics, transport, chemicals and the financial sector. So, I am delighted that QUTAC has brought so many leading companies together to help Germany move forward in this key sector,” said Peter Altmaier, federal minister for Economic Affairs and Energy, emphasising the importance of this alliance.

The consortium promotes applications for the commercial use of this technology that are needed in the member companies. In doing so, they create industrial demand: The membership includes a broad cross-section of the German economy – thus the applications that are identified, developed, and tested within the consortium are trendsetting for entire industries. Through its orientation, QUTAC occupies an important position in the existing landscape of quantum technology-related institutions.