Actuarial Case Competition Winners Respond to Industry Challenges posed by Gig Economy

A team of students from the National University of Singapore (NUS) clinched the top prize at the inaugural NTU-Global Asia Insurance Partnership (GAIP) Case Competition by presenting an analysis on a complex ‘insurance for influencers’ case study. Organised by the Nanyang Business School Actuarial Students Association, the finals was held on June 19 at Marina Bay Sands. 

The winning team in the university level, ‘TeamRich’, comprised of Benjamin Lim, Grace Koh, San Victoria Seow and Heng Yee-Wei who are in the business faculty with the exception of Benjamin Lim who is pursuing science.

“This competition is an immensely rewarding and enlightening experience, providing us with a profound understanding of the insurance industry. Through the guidance of esteemed and experienced judges, we gained a well-rounded understanding of the insurance industry — from sales to product development and pricing,” said ‘TeamRich’ members.

In addition to the cash prize of $5,000, the winning team also receives an internship with leading insurance firms and the opportunity to be mentored by industry experts.

The theme of the case competition was “Insurance Implications for Companies and Individuals within the Gig Economy”. The competition challenged teams to demonstrate qualitative and quantitative skills in proposing innovative business solutions in the insurance/actuarial industry.

For their innovative solution of an insurance mobile app for delivery riders, ‘Team Gigabite’ members Grace Yu, Carlos Tan, Micaela Toh, and Ng Tze Yuan clinched the top prize in the pre-university level.

“The case competition has given us invaluable experience in risk calculation and has allowed us to gain insights into the field of actuarial science in the context of real-world examples,” said the second-year students of Raffles Institution.”

This was the first-ever national case competition to involve both Pre-Uni & University level students. It was a platform to raise awareness of the insurance profession, create more interest of the profession among young people, and help them gain insights into possible future career paths.

“The NTU-GAIP Case Competition provided students with an opportunity to learn about the insurance sector and apply their knowledge and resourcefulness to challenges faced by workers in the gig economy. Their creativity and enthusiasm, combined with their desire to learn gives me confidence in our next generation of insurance professionals,” said Conor Donaldson, CEO of GAIP.

A total of 572 students from 142 teams from local universities and junior colleges signed up for the competition. The students came from a diverse range of disciplines including business and science faculties. The ten teams that advanced to the final round had the opportunity to present in front of a panel of judges and compete for a cash prize and recognition.

Teams were given 15 minutes to present and field questions from the judges, an exercise which forced them to think on their feet and apply their knowledge to a variety of scenarios.

“It was heartening and inspiring to see students from diverse backgrounds collaborating to take on the case challenge, brainstorming for innovative solutions to a real-life industry challenge, and pulling together a coherent presentation that demonstrated a keen awareness and understanding of the insurance industry, and clear articulation of the rationale of the proposed recommendations. This is an important initiative from GAIP and NTU to develop the future leaders of the insurance industry, and I look forward to seeing the contributions of their talent and passion as they enter the workforce and forge the next chapter of insurance in our society,” said Henry Lim, a Senior Pricing Actuary (L&H) with SCOR and one of the judges.

Next year, the case study challenge will be transformed into an international competition, open to students from ASEAN countries. Further details will be announced in fall 2023.

GAIP congratulates all winners and participants!

The following are winners of the case competition: 

University level
1st Prize	Team RICH (NUS)
2nd Prize	Circle (NUS)
3rd Prize	AS Buddies (NTU)
Pre-University level
1st Prize	Team GIGabite (Raffles Institution)
2nd Prize	RI Money Munchers (Raffles Institution)
3rd Prize	Team Giggers (Raffles Institution)