In the era of globalization and intensifying business competition, innovation has become the primary key to enhancing company performance and ensuring long-term business sustainability. In Indonesia, the primary focus of insurance companies is preparing for the implementation of the International Financial Reporting Standard (IFRS) 17 by 2025. In this context, collaboration between the Department of Mathematics at the Faculty of Mathematics and Natural Sciences (MIPA) at Universitas Gadjah Mada (UGM) and PT Tugu Pratama Insurance Tbk (Tugu Insurance) is crucial.
“This collaboration program specifically encompasses the actuarial field, which is a critical component in the insurance business. We want to ensure that this business is conducted correctly and prudently. Collaboration with the education sector is one way to enhance quality in this regard,” said Edi Yoga Prasetyo, Director of Compliance and Risk Management at Tugu Insurance.
In line with Edi, the Director of Finance and Corporate Services at Tugu Insurance added, “Our hope with the collaboration between Tugu Insurance and FMIPA UGM in the Matching Fund Program of the Ministry of Education and Culture is to provide opportunities for actuarial students to gain direct practical experience in the workforce, thus producing competent actuaries.”
In the view of the Chief Researcher from UGM, Nanang Susyanto, “This Matching Fund program encourages collaboration between academia and industry, which is expected to benefit both parties. The campus provides strength theoretically, while the industry provides strength practically, thus complementing each other and providing mutual input.”
IFRS 17 will replace previous insurance financial reporting standards and require a more comprehensive approach to support financial reporting transparency. Therefore, collaboration between academia and industry is crucial. The Department of Mathematics at the Faculty of MIPA UGM and Tugu Insurance responded to the need for thorough preparation by developing strategies through the Matching Fund Program of the Ministry of Education and Culture in 2023. The research team from UGM, led by Dr. Nanang Susyanto, M.Sc., M.Act.Sc., along with members such as Danang Teguh Qoyyimi, Ph.D., ASAI, Drs. Danardono, M.PH., Ph.D., Dr. Adhitya Ronnie Effendi, M.Sc., and Restu Ananda Putra, S.Si., M.Aktr., are faculty members of the Mathematics Department. The team from Tugu Insurance consists of M. Ivan Faizal (Appointed Actuary), Apriyandi (Human Capital and Services), and Hayanis Dias Pawestri (Human Capital and Services).
One of the main steps in this preparation is the development of predictive analytics tools to better understand cash flow patterns. The model developed uses available data to provide information for companies to make cash flow prediction decisions. This information is presented in the form of a dashboard that can be used to predict cash flow if company claim data is provided, aligning with SDG 9, which emphasizes innovation and technology for sustainable development.
This collaboration also provides opportunities for students to be involved through industrial internship programs. In addition to providing practical experience to students, this program helps create a workforce ready to enter the field according to industry needs, in line with SDGs 4 and 17. Students involved in these activities include Fitriana Arlyn Rahayu (Actuarial Science 2021), Candika Dwi Handaru (Elins 2022), Ira Meidiana Putri (Actuarial Science 2020), Elizabeth (Actuarial Science 2020), Famella Gustriani (Actuarial Science 2020), and Daffa Raihan Dewanto (Actuarial Science 2020).
Overall, the collaboration between the Department of Mathematics at the Faculty of MIPA UGM and Tugu Insurance not only helps prepare for the implementation of IFRS 17 but also makes a significant contribution to achieving Sustainable Development Goals. With the goal of achieving sustainable development, partnerships like this are becoming increasingly important for the development of industry and education in Indonesia. Synergy between academia and industry not only produces innovative solutions to future challenges but also shapes influential and goal-oriented future leaders.
Keywords: Actuarial, Industry, Partnership
Author: Nanang Susyanto
Editor: Endang Sulastri