Bandung, July 12, 2025 – The Valuator team from the Actuarial Science Program at Universitas Gadjah Mada (UGM) has claimed first place in the GAIP Insurance Innovation Competition 2025 Indonesia Local Final, held at the Bandung Institute of Technology (ITB). This achievement qualifies them to represent Indonesia at the global finals, which will be held at Nanyang Technological University (NTU), Singapore, on August 15, 2025.
This competition serves as a national selection round to determine Indonesia’s representative in the international event organized by the Global Asia Insurance Partnership (GAIP) in collaboration with NTU. Its primary goal is to foster innovation, interdisciplinary collaboration, and the development of young talent in the insurance sector.
The Valuator team is composed of three 2022 cohort students from UGM’s Actuarial Science Program: Rafael Wicaksono Hadi, Victorious Chendryanto, and Dewa Ayu Maharani Adithi Kirana. They are mentored by Danang Teguh Qoyyimi, M.Sc., Ph.D., a faculty member in actuarial science who is also actively involved in student innovation development initiatives.
The Indonesia Local Final saw participation from 65 teams representing various universities across the country. Following a rigorous proposal screening and evaluation process conducted by a panel of academics and insurance industry professionals, six finalist teams were selected to compete in the national final round at ITB Bandung. In the final presentations, each team delivered their innovative insurance solutions before a distinguished panel of judges, including Dr. Rianto Ahmadi, FSAI (Director, 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 Indonesia’s Financial Services Authority/OJK).
Based on the final scoring, The Valuator secured the highest score of 56.83, narrowly edging out Blue Valley from ITB with 56.67, and Ganeshurance, also from ITB, with 54.67.
As a token of appreciation, the competition’s main sponsor, PT Asuransi Jiwa Manulife Indonesia, is fully funding the winning team’s trip to the global final in Singapore. This international stage will offer the team a golden opportunity to receive high-level mentorship and feedback from global experts in insurance and financial technology.
Danang expressed his pride in the team’s accomplishment, stating that it reflects the result of the students’ hard work, independence, and creativity in addressing real-world challenges—particularly the issue of rising healthcare costs, which was the focus of their innovation.
“Alhamdulillah, we won. We will continue refining our solution, and we hope for your support and prayers as we prepare to compete in Singapore next month,” said Dr. Danang.
The GAIP Insurance Innovation Competition is an annual event held concurrently in over 15 countries, including Indonesia, Singapore, China, Japan, South Korea, and Switzerland. Each country partners with a leading university to host its local round. In Indonesia, ITB was appointed as the official host this year.
UGM’s participation in this competition showcases the university’s real contribution to addressing industry challenges through research-based and collaborative innovation. The success of The Valuator is not only a proud moment for the university but also a beacon of hope for the advancement of Indonesia’s younger generation on the global stage.
Congratulations to The Valuator Team. Best of luck in Singapore—may you continue to bring pride to Indonesia on the international stage.
Keywords: GAIP Insurance Innovation Competition 2025, UGM The Valuator Team
Author: Shafira Fauzia Untsa
Photo: The Valuator Team