A team of Universitas Gadjah Mada (UGM) students, competing under the name the “Valuator”, won the Global Asia Insurance Partnership (GAIP) Indonesia Local Final of the Insurance Innovation Competition 2025, held at the Bandung Institute of Technology (ITB) on Jul. 12, 2025.
The team consists of three students from UGM’s Actuarial Science Program, Class of 2022: Rafael Wicaksono Hadi, Victorius Chendryanto, and Dewa Ayu Maharani Adithi Kirana.
Guided by Dr. Danang Teguh Qoyyimi, the Valuator earned the right to represent Indonesia at the upcoming GAIP Insurance Innovation Competition in Singapore on Aug. 15.
Dr. Qoyyimi explained that the GAIP Insurance Innovation Competition at ITB was part of the national selection series to determine Indonesia’s representative at the global level.
The international stage will be hosted by the Global Asia Insurance Partnership (GAIP) in collaboration with Nanyang Technological University (NTU), Singapore.
“The GAIP Insurance Innovation Competition 2025 Indonesia Local Round was joined by 65 teams from universities across Indonesia,” said Dr. Qoyyimi at UGM’s Faculty of Mathematics and Natural Sciences (FMIPA UGM) on Tuesday (Jul. 15).
Regarding the national competition process, the UGM actuarial lecturer stated that before reaching the final in Bandung, the Valuator had undergone a rigorous proposal selection and judging process.
The evaluation was carried out by a panel of academics and insurance industry professionals.
“We are grateful that the Valuator was selected as one of six finalists to compete in the final round at ITB,” he said.
The other five finalists included Ganeshurance ITB, Blue Valley ITB, AIBICI ITB, RGZ Ventures ITS, and QuadraSpark’57 ITS.
In the final round, the teams presented their innovative solutions before a panel of judges consisting of Dr. Rianto Ahmadi, FSAI (Director at Indonesia Financial Group), Paul Setio Kartono, FSA (President, Society of Actuaries of Indonesia), and Yusman (Executive Director of Insurance, Guarantee, Pension, and Actuarial Supervision at the Financial Services Authority/OJK).
Based on the final scoring, the Valuator won first place with the highest score of 56.83, followed by Blue Valley (56.67) and Ganeshurance (54.67).
With this victory, UGM’s team officially earned the right to represent Indonesia, supported by PT Asuransi Jiwa Manulife Indonesia.
As their mentor, Dr. Qoyyimi expressed pride in his students’ achievement, saying it demonstrates UGM Actuarial Science’s commitment to fostering creativity, persistence, and student independence.
What makes him especially proud, Dr. Qoyyimi added, is that UGM’s Valuator not only showcased their skills but also provided solutions to societal challenges.
According to him, the team’s innovation seeks to address contemporary issues related to rising healthcare costs.
His mentees successfully proposed a solution through a dynamic co-payment system, a claim-sharing mechanism dynamically adjusted based on customer behavior, healthcare providers, and health conditions.
“The team offers an app-based solution integrating AI through Natural Language Processing (NLP) and Machine Learning to build service scoring and determine co-payment levels for insurance claims,” he explained.
After winning first place nationally, UGM’s Valuator is preparing for the global competition. The team has the opportunity to refine its work before competing internationally on Aug. 15, 2025.
The Valuator is expected to use this preparation period to further enhance its innovation and compete effectively.
“Alhamdulillah, we have the opportunity to receive global-level mentoring and feedback next month in Singapore,” said Dr. Qoyyimi.
The GAIP Insurance Innovation Competition is an annual event designed to promote innovation, collaboration, and the development of young talent in the insurance sector. In 2025, the competition will be held simultaneously in 15 countries, including Indonesia.
“The GAIP Insurance Innovation Competition 2025 is organized in various countries, with leading universities hosting the local rounds,” Dr. Qoyyimi added.
Author: Agung Nugroho
Post-editor: Anisa Nurliana