Singapore, August 15, 2025 – The Valuators Team from the Actuarial Science Program, Universitas Gadjah Mada (UGM), made Indonesia proud by winning first place at the international GAIP Insurance Innovation Competition 2025 Global Final Round, held at Nanyang Technological University (NTU), Singapore. This prestigious competition was organized by the Global Asia Insurance Partnership (GAIP) in collaboration with NTU and supported by sponsors from the global insurance industry. This year, it brought together student teams from ten countries, including Singapore, Japan, Hong Kong SAR, Australia, Chinese Taipei, Indonesia, Thailand, Vietnam, China, and Korea.
The Valuators Team, consisting of Rafael Wicaksono Hadi, Victorius Chendryanto, and Dewa Ayu Maharani Adithi Kirana, under the guidance of Dr. Danang Teguh Qoyyimi, impressed the judges with their innovation ORBIS: Dynamic Copay System. The idea was born out of an analysis of rising medical inflation across the Asia-Pacific region and the inefficiencies of cost-sharing systems in health insurance. ORBIS leverages artificial intelligence to create a fairer, adaptive, and value-based cost-sharing system, with four main components: the Smart Health Triage Assistant, the Care-Value Score, Dynamic Copay, and Behavioral Bonus Credits. Through this system, the team aims not only to improve cost efficiency but also to encourage wiser and more transparent healthcare consumption behavior.
The UGM team’s presentation received high praise from a panel of judges comprising senior executives of multinational insurance companies, industry consultants, and leading academics. Ms. Min Hung Cheng, CEO of GAIP and head judge, highlighted the team’s strength in simplifying complex issues into clear and relatable solutions. “Their slogan, Healthcare should be about who gets the right care at the right time, and for the right reasons, was very moving because it reminds us that the essence of healthcare is not just about numbers and costs, but about people and quality of life,” she said.
The competition was fiercely contested. Second place went to the team from the University of Melbourne, Australia, which proposed a solution for mental health protection against digital hoaxes, while third place was awarded to the NTU Singapore team with their project on Unemployment Insurance. The UGM team’s success demonstrated that innovative ideas from Indonesia can compete at the highest level and contribute significantly to global discussions on the future of the insurance industry.
The journey to Singapore was not without challenges. After winning the Indonesia Final Round on July 12 at ITB, the team had limited preparation time. Rafael and Kirana had to balance their participation in community service programs (KKN) in Raja Ampat and Bali, while Victor was engaged in an internship. “We supported each other, divided roles effectively, and maximized the time we had to deliver the best possible performance,” said Kirana. Despite these hurdles, their determination and teamwork led them to the top.
The victory left a lasting impression on all three team members. Rafael said the experience was more than just an achievement; it was also an opportunity to contribute directly to the insurance industry. Victor reflected that the long journey proved collaboration and the courage to dream big can push boundaries further than expected, while Kirana described the moment Indonesia was announced as the champion as an indescribable source of pride.
The GAIP 2025 Competition was fully supported by PT Asuransi Jiwa Manulife Indonesia as the main sponsor, including financing UGM’s participation in Singapore. The Valuators Team also expressed gratitude to their mentors, who had guided them since the early stages of the national competition. Moving forward, they hope ORBIS can be further developed into a real-world implementation, bringing benefits not only to Indonesian society but also to the global community.
This achievement affirms the capacity of UGM students to compete on the global stage, bringing forward innovations that are relevant, solution-oriented, and impactful for society.
Keywords: GAIP Insurance Innovation Competition 2025, UGM Valuators Team
Author: Shafira Fauzia Untsa
Photo: Valuators Team