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Munich Re Group - Münchener Rück AG

06/10/2021 | Press release | Distributed by Public on 06/10/2021 02:24

Quantum Technology and Application Consortium (QUTAC)

Ten leading German corporations are jointly founding 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.

Foundation stone for a commercially successful quantum computing ecosystem

'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', says Peter Altmaier, Federal Minister for Economic Affairs and Energy, emphasising the importance of this alliance.

Anja Karliczek, Federal Minister of Education and Research, also welcomes the establishment of QUTAC: 'Germany and Europe must become leaders in quantum technology and then stay at the top. What we want is technological sovereignty. To achieve this, we must rely on our strengths. These are our top researchers with their excellent ideas on the one hand and our strong industry on the other hand. Both must cooperate in an optimal way. Then we will achieve the best results. We are therefore funding companies and cutting-edge research under the quantum technologies framework programme.'

The participating companies consider an economically strong and resilient quantum computing ecosystem in Germany and Europe to be crucial to promote successful industrialisation and digital sovereignty in this field. QUTAC's vision is to drive such a quantum computing ecosystem.

Jointly advancing the European quantum technology economy

QUTAC sees itself as a platform for action. 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.

The current circle of ten members allows for a pragmatic exchange and rapid decision-making in order to develop practical solutions in the short and medium term. The results are intended to benefit all participants in the ecosystem. In its position paper, QUTAC sets specific steps: First, the need for quantum computing in the German economy is to be identified in order to create the basis for a cross-industry application portfolio. Currently, possible applications are being identified and their potential for industrial implementation is being evaluated. These reference applications will be jointly implemented and further developed beyond the boundaries of the consortium. The results are published on the central platform at www.qutac.de.

About QUTAC
In the Quantum Technology and Application Consortium (QUTAC), some of the largest German groups from business and industry have joined forces to raise quantum computing to the level of large-scale industrial application. The founding members of QUTAC include BASF, BMW Group, Boehringer Ingelheim, Bosch, Infineon, Merck, Munich Re, SAP, Siemens, and Volkswagen. Within the framework of various development projects, the members are decisively driving forward the first practical applications in the field of quantum computing in their respective industries and also across sectors. The aim of the consortium is to identify, develop, test, and share applications for quantum computing and to identify funding needs.

About Munich Re
Munich Re is one of the world's leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage - from the 1906 San Francisco earthquake through to the 2019 Pacific typhoon season. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyberattacks. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world's most sought-after risk partners for businesses, institutions, and private individuals.

Disclaimer
This media release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to make them conform to future events or developments.