The Meowkinsey team from the UGM Faculty of Economics and Business at Universitas Gadjah Mada (FEB UGM) secured second place in the NTU-Global Asia Insurance Partnership (GAIP) Insurance Case Competition 2024, held on Aug. 16, 2024, at Nanyang Technological University (NTU) Singapore.
The Meowkinsey team consists of Jasmine Iliyya (Accounting 2021), Patero Krinara Setiael (Accounting 2021), I Gusti Ayu Maresta Amrita Puspa Pujawati (Economics 2021), and Jonathan Christopher Herlawanto (IUP Management 2023), under the guidance of Dr. Rimawan Pradiptyo.
They emerged as the runner-up after competing with hundreds of teams from various universities across the ASEAN region.
Maresta Pujawati explained that their success was achieved after a rigorous selection process at the regional stage. In the regional phase, 110 teams were required to submit business idea abstracts in the agricultural insurance sector.
From all the submitted abstracts, 12 teams with the best business ideas were selected to present their proposals in the final round held in Singapore.
“We are delighted and proud to have brought honor to FEB UGM and Indonesia on the international stage,” said Pujawati when contacted on Tuesday (Aug. 20).
In the competition, the FEB team addressed the development of agricultural insurance, which is currently managed only by PT Jasindo.
“We proposed the creation of a market or ecosystem that can encourage the development of agricultural insurance in Indonesia by utilizing Artificial Intelligence (AI) technology,” she explained.
Pujawati elaborated that their team suggested using Internet of Things (IoT) Sensors to develop agricultural insurance in Indonesia. This technology plays a crucial role in accurately and real-timely collecting data from the field.
Additionally, they developed the Integrated Scoring System, designed to identify potential moral hazards for farmers.
“With these two solutions, agricultural insurance in Indonesia can become more effective and efficient,” she said.
Pujawati added that their proposed idea would improve risk assessment calculations, accelerate the insurance claim process, and minimize the risk of moral hazard.
Moreover, the implementation of this ecosystem is expected to promote the development of agricultural insurance and increase farmers’ participation in and knowledge of agricultural insurance programs.
Another team member, Jasmine Iliyya, shared that they were initially anxious about the competition’s outcome, especially since NTU had already secured third place. However, they remained optimistic that their hard work would pay off.
“It turns out that hard work does pay off, and our team successfully secured second place in this prestigious competition,” Iliyya recalled.
Meowkinsey’s faculty advisor, Dr. Rimawan Pradiptyo, noted that the team’s case in this international competition exemplified the application of Bloom’s Taxonomy in the learning process.
“The highest level of Bloom’s Taxonomy is creating original work, which posed a unique challenge for the team,” he said.
Dr. Pradiptyo emphasized that during the preparation process, the team was consistently trained to ‘think the unthinkable’ and critically, as this approach is crucial for international competition.
“The success achieved is expected to inspire other FEB students to contribute and win in other international competitions,” he explained.
FEB UGM’s Vice Dean for Research, Community Service, Cooperation, and Alumni, Dr. Gumilang Aryo Sahadewo, stated that FEB UGM is committed to fostering future leaders.
One of the efforts involves students in business case competitions organized by international partners.
“We hope that FEB UGM students and alumni have the spirit to innovate and solve societal problems,” the vice dean said.
Meanwhile, the Head of CSDU FEB UGM, Dr. Arizona Mustikarini, expressed pride in the achievements of the FEB UGM student team. This year marked FEB UGM’s first participation in the NTU-GAIP Insurance Case Competition, and securing second place is an extraordinary accomplishment.
“The support from all the mentors who have kindly collaborated with CSDU FEB UGM in mentoring the participants is greatly appreciated. We will always strive to provide the best support in guiding FEB UGM students in competitions,” she said.
Reporter: FEB UGM/Kurnia Ekaptiningrum
Editor: Gusti Grehenson