Students from the Faculty of Mathematics and Natural Sciences, Universitas Gadjah Mada (FMIPA UGM), have made a proud achievement. The UGM Young Begawan Actuarial Team, comprising Mohammad Firdaus, Rafael, Victor, Dewa Ayu, and Enricko, won second place in the 2025 SOA Research Institute Student Research Case Study Challenge on Friday (May 2).
This global competition brought together students worldwide to test their ability to develop innovative actuarial solutions to real-world problems.
The Society of Actuaries (SOA) Research Institute is the world’s largest actuarial development and education organization. Each year, it hosts an international research competition to encourage student creativity in addressing business challenges in the actuarial field.
This year’s Student Research Case Study Challenge included 68 teams from 42 universities across 17 countries. The Young Begawan Actuarial Team, with its TerraDam project, was among the 19 semifinalists.
Mohammad Firdaus, leader of the Young Begawan Actuarial Team, explained that their innovative TerraDam concept was designed to enhance financial and infrastructure resilience against the risks of earthen dam failure in the fictional region of Tarrodan.
The team highlighted the 10% probability of dam failure within 10 years and the potential for economic losses exceeding USD 182 billion, underscoring the urgent need for a comprehensive risk mitigation solution.
“Recognizing this opportunity, the Young Begawan Actuarial Team developed a holistic approach built on four key pillars: TerraDam Insurance, TerraDam Regulation, TerraDam Grant, and TerraDam Token,” Firdaus said in an interview on Monday (May 5).
He elaborated that the four core programs aim to protect dam owners and affected parties in the event of dam failure.
The TerraDam Insurance program, for instance, offers optional coverage for dam owners and a mandatory national insurance scheme funded through a taxation system to protect the public.
Next is the TerraDam Regulation, which outlines strict requirements for dam owners to design Emergency Action Plans (EAPs), conduct regular inspections, install early warning systems, and rehabilitate aging dams.
“For dam owners struggling with the costs of these requirements, the TerraDam Grant program offers financial assistance. The sustainability of this system is also supported by a blockchain-based digital financial mechanism that transforms dams into investment assets, tradable through the TerraDam Token program,” he explained.
Implementing these four programs is projected to reduce the risk of dam failure by up to 62%. Moreover, the TerraDam initiative is expected to generate positive cash flows and ensure financial sustainability without burdening the public.
“TerraDam was recognized as a uniquely creative innovation that impressed the judges and secured the Young Begawan Actuarial Team’s second-place finish among 68 competing teams,” he recalled.
Firdaus admitted he did not expect the team to win an international award. He believes this achievement can further motivate the Young Begawan Actuarial Team to reach greater accomplishments in the future.
“This recognition encourages us to continue growing and contributing meaningfully to the greater good. The journey goes on, and we will keep striving,” the team leader said.
The team’s advisor, Dr. Danang Teguh Qoyyimi, stated that this success demonstrates UGM students’ ability to integrate actuarial science with real-world problem-solving, which has a broad impact.
“We hope programs like this can serve as valuable learning platforms for developing actuarial research and applications in Indonesia,” he concluded.
Author: Tasya
Editor: Gusti Grehenson
Illustration: Freepik