Three students from the 2020 cohort of the Actuarial Science study program, Faculty of Mathematics and Natural Sciences, Universitas Indonesia (FMIPA UI) \u2014 Dylan Arlen Tunggatama, Carissa Angelina Susanto, and Intan Juwitahari \u2014 who formed the Bulbah team, successfully won first place in the 2021 Cigna Innovation Challenge.<\/p>\n\n\n\n
This was officially announced by PT Asuransi Cigna, a global health service company based in New York and the organizer of the event, during the Winner Announcement Ceremony held online on December 20, 2021.<\/p>\n\n\n\n
The Bulbah team successfully defended the championship title, which had been won the previous year by the A3 Team, consisting of Gracella Jovita and Justine Kael Tanady.<\/p>\n\n\n\n
The purpose of this competition is to encourage the young generation of Indonesia to contribute new ideas and innovations to the insurance industry, in line with the evolving times and ongoing technological advancements.<\/p>\n\n\n\n
There were three themes offered to the participants: Programs to Improve the Financial Situation of Communities in Indonesia, Life Insurance Product Innovation of Your Choice, and Building Engagement with Customers and Potential Customers. Among these themes, the Bulbah team, led by Dylan, chose \u201cLife Insurance Product Innovation of Your Choice.\u201d<\/p>\n\n\n\n
Dylan and his team proposed a digital feature that can be utilized by e-commerce application users when making payments paylater<\/em>The feature was named SafeLater.<\/em><\/strong><\/p>\n\n\n\n With Safelater, users of the application are assured that their installment paylater <\/em>from paylater or loan will be fully paid off if the user becomes unable to make payments before completing the installments, whether due to death or permanent disability.<\/p>\n\n\n\n Team leader Dylan stated that there were three factors behind the idea of developing the SafeLater feature: the increasing digitalization in various aspects of life, the system paylater <\/em>that grew rapidly during the pandemic, and the increasing public awareness of the importance of having life insurance during the pandemic.<\/p>\n\n\n\n Meanwhile, the concept of this feature, according to Dylan and his teammates, was adopted from loan insurance offered by banks \u2014 an insurance product that provides assurance to creditors in the event of a default by the debtor due to death or total permanent disability caused by illness or accident.<\/p>\n\n\n\n \u201cThe idea is this \u2014 in banks, there\u2019s something called loan insurance. So, when someone borrows a certain amount of money and then passes away, the loan is guaranteed to be paid off. We took inspiration from that concept by integrating this life insurance into the (payment method) paylater<\/em>\" said team member Intan..<\/p>\n\n\n\n \u201cWhen someone uses paylater<\/em>and then the installment from paylater <\/em>has not yet been fully paid off and that person passes away, the remaining installments will be considered settled. \u201cThat\u2019s the main concept of our idea,\u201d he added.<\/p>\n\n\n\n Furthermore, Dylan and his team stated that the paylater system has now become a favored payment method across various application services \u2014 not only for users but also for the service providers themselves.<\/p>\n\n\n\n According to Dylan, the advantage of the Safelater feature in the *paylater* system for users is that it serves as a guarantee of repayment in the event of a default.<\/p>\n\n\n\n Meanwhile, from the service provider\u2019s perspective, this feature will increase user interest in purchasing products and making transactions using the paylater system.<\/p>\n\n\n\n Although they successfully won first place, the team had to overcome several challenges to reach that achievement. The toughest challenge, according to Dylan, was determining the formula and conducting simulations to calculate the premium that would be applied to users.<\/p>\n\n\n\n \u201cThe toughest challenge was when we tried to simulate and calculate the premium,\u201d said Dylan. \u201cAt that point, we were really challenged to apply what we had learned in our coursework so that it could be implemented in the real industry.\u201d<\/p>\n\n\n\n \u201cSo, we had to conduct more literature studies and look for the right formulas to calculate what the premium should be like,\u201d he continued.<\/p>\n\n\n\n Concluding their interview with the FMIPA UI Public Relations Team, the Bulbah team expressed their hope that this experience would increase their exposure and readiness to participate in various competitions in the future. They viewed this competition as an opportunity to further explore the world of the insurance industry.<\/p>\n\n\n\n The Dean of FMIPA UI, Dede Djuhana, Ph.D., expressed his appreciation for the achievement of the three students who successfully maintained FMIPA UI\u2019s first-place title. He noted that the innovation presented by the Bulbah team was highly relevant to the needs of the insurance industry.<\/p>\n\n\n\n \u201cOf course, we are proud and grateful for the achievement of the FMIPA UI team. Their success in maintaining the first-place title in the Cigna competition truly deserves appreciation. For us, this accomplishment proves that the innovation they developed is highly relevant to the needs of insurance companies today,\u201d said Dede.<\/p>\n\n\n\n He also emphasized that students of the Actuarial Science program at FMIPA UI must be able to solve both theoretical and applied problems in actuarial science and adapt to the evolving concepts in the field \u2014 including life insurance, general insurance, and risk management. In doing so, they are expected to enhance their competitiveness at the regional level, supported by the knowledge and guidance provided by their lecturers and mentors on campus.<\/p>\n\n\n\n For your information, the Cigna Innovation Challenge took place from September 1, 2021, to December 20, 2021, concluding with the winner announcement event. The competition involved 50 student teams from across Indonesia as participants.<\/p>\n\n\n\n Article compiled by FMIPA UI Public Relations Contributor: Theo Andita Nugraha (Statistics 2017)<\/p>","protected":false},"excerpt":{"rendered":" Tiga mahasiswa program studi (prodi) Ilmu Aktuaria FMIPA UI angkatan tahun 2020 yang tergabung dalam tim Bulbah, yaitu Dylan Arlen Tunggatama, Carissa Angelina Susanto, dan Intan Juwitahari berhasil meraih juara pertama Cigna Innovation Challenge 2021. Hal itu diumumkan langsung oleh PT. Asuransi Cigna sebuah perusahaan layanan kesehatan global yang berbasis di New York selaku penyelenggara […]<\/p>\n","protected":false},"author":11,"featured_media":5893,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-berita"],"blocksy_meta":[],"yoast_head":"\n