The Valuator Team from the Actuarial Science Program at Universitas Gadjah Mada (UGM) won first place at the international GAIP Insurance Innovation Competition 2025 Global Final Round, held at Nanyang Technological University (NTU) in Singapore on Friday, Aug. 15, 2025. The second place went to the Australian team, while the Singaporean team secured third place.
This prestigious annual competition, organized by Global Insurance Partners (GAIP) in collaboration with NTU, was participated in by student teams from ten countries, including Singapore, Japan, Hong Kong, Australia, Chinese Taipei, and several other Asian countries.
Motivated by concerns over the increasingly alarming inflation of healthcare costs, three students from the Actuarial Science Program, Rafael Wicaksono Hadi, Victorius Chendryanto, and Dewa Ayu Maharani Adithi Kirana, under the supervision of Dr. Danang Teguh Qoyyimi, introduced their innovation called ORBIS (Dynamic Copay Modelling System).
ORBIS was designed to address two major issues in health insurance: rising medical inflation and inefficient cost-sharing.
The team’s decision to focus on health inflation emerged after an extensive discussion and brainstorming process lasting nearly four months.
“That was indeed the challenge at the beginning, figuring out what would be the best, what would be useful, and what kind of innovation would truly have an impact,” explained Dr. Qoyyimi on Tuesday, Aug. 19, 2025.
The lecturer from the UGM Faculty of Mathematics and Natural Sciences (FMIPA UGM) also mentioned that the preparation process was very intensive.
However, he expressed his gratitude that the UGM team succeeded in becoming international champions after first securing victory at the national level.
“We are happy and proud to have won first place at the international level,” he said.
According to Dr. Qoyyimi, the competition materials were particularly challenging, as they highlighted the pressing issue of healthcare cost inflation, which has become increasingly concerning.
This trend is evident in the significant increase in health insurance claims over recent years.
He also highlighted the issue of overtreatment, which has contributed to a significant increase in insurance claims.
“We wanted to contribute to addressing this issue, so we agreed to focus on health inflation,” he explained.
One of the innovations introduced in ORBIS is the concept of dynamic co-payment, designed to anticipate high risks in insurance through a cost-sharing mechanism.
“Instead of having a fixed co-payment, we tried to make it dynamic, based on individual risk,” Dr. Qoyyimi said, adding that the system adjusts according to a person’s risk profile, needs, and behavior.
Dr. Qoyyimi emphasized that participating in the competition was not merely about winning but also about networking, receiving feedback, and engaging in peer learning.
“For me, competitions are a very good platform for students to listen, discuss, receive input, and grow,” he concluded.
Author: Jelita Agustine
Editor: Gusti Grehenson
Post-editor: Lintang Andwyna
Photographs: UGM Valuator Team