The Meowkinsey Team from the Faculty of Economics and Business of Universitas Gadjah Mada (FEB UGM) secured second place in the NTU-Global Asia Insurance Partnership (GAIP) Insurance Case Competition 2024 held on August 16, 2024.
The Meowkinsey team consisted of Jasmine Iliyya (Accounting 2021), Patero Krinara Setiael (Accounting 2021), I Gusti Ayu Maresta Amrita Puspa Pujawati (Economics 2021), and Jonathan Christopher Herlawanto (IUP Management 2023), mentored by faculty advisor Dr. Rimawan Pradiptyo. They earned second place after competing against hundreds of teams from the ASEAN region.
“We are delighted and proud to have brought honor to FEB UGM and Indonesia on the international stage,” said I Gusti Ayu Maresta when contacted on Monday (August 19).
Maresta explained that their success resulted from a rigorous selection process at the regional level. At that stage, 110 teams were required to submit abstracts of business ideas in the agricultural insurance sector. From all the teams that registered, 12 teams with the best business ideas were selected to present their proposals in the final round in Singapore.
“The case we presented in this competition was the development of agricultural insurance, which is only managed by Jasindo. We proposed the creation of a market or ecosystem that could promote the development of agricultural insurance in Indonesia by using artificial intelligence (AI) technology,” she explained.
Maresta explained that her team proposed utilizing Internet of Things (IoT) sensors to develop agricultural insurance in the country. This technology would play a crucial role in collecting more accurate and real-time data from the field. In addition, they created a system called the Integrated Scoring System, which was designed to identify potential moral hazards that farmers might commit.
By implementing these two solutions, Maresta hopes to make agricultural insurance in Indonesia more effective and efficient. With the developed system, risk assessment will be more accurate, insurance claims processes can be expedited, and the risk of moral hazard can be minimized.
“The implementation of this ecosystem is expected not only to promote the development of agricultural insurance but also to increase farmers’ participation and knowledge of agricultural insurance programs,” she said.
Maresta revealed that they were initially concerned about the competition’s final results. When NTU was announced as the third-place winner, they remained optimistic that their hard work would pay off. Their efforts were rewarded when the Meowkinsey team secured second place in this prestigious competition.
Meanwhile, the mentor of the Meowkinsey team, Rimawan Pradiptyo, Ph.D., said that the case presented by the Meowkinsey team in this international competition is a concrete example of the application of Bloom’s taxonomy in the learning process. The highest level of Bloom’s taxonomy is to produce originality, which creates challenges for the team.
“During the preparation process, we always challenge the student team to ‘think the unthinkable’ and think critically because only with this approach will the team be able to compete at the international level,” explained Rimawan when contacted on a separate occasion.
Their achievement is expected to inspire other FEB students to contribute and succeed in future international competitions. Maresta noted that the success of the Meowkinsey team was mainly due to the support of FEB UGM through the Career and Student Development Unit (CSDU), which facilitated mentoring sessions with Jasindo Jogja, a provider of agricultural insurance services in Indonesia. In addition to mentoring from FEB UGM, the Meowkinsey team also received mentoring from lecturers from UGM’s Faculty of Agriculture, Faculty of Geography, and Faculty of Mathematics and Natural Sciences (FMIPA).
Gumilang Aryo Sahadewo, S.E., M.A., Ph.D., FEB UGM Vice Dean for Research, Community Service, Cooperation and Alumni, said FEB UGM is committed to nurturing future-ready leaders. One of the efforts is to involve students in business case competitions organized by international partners. Throughout the competition process, students receive guidance from the FEB UGM faculty, including Dr. Rimawan Pradiptyo and insurance companies in Indonesia. This opportunity encourages student teams to be innovative in addressing societal challenges.
“We hope that FEB UGM students and alumni will have the spirit to innovate and solve societal problems. We would like to thank Mr. Rimawan Pradiptyo as the faculty advisor, Ms. Arizona Mustikarini as the Head of the Career and Student Development Unit, and everyone who supported the team,” he said.
Meanwhile, the Head of CSDU, Arizona Mustikarini, Ph.D., expressed her pride in the achievement of the FEB UGM student team. This year is the first time FEB UGM has participated in the NTU-GAIP Insurance Case Competition, and winning second place is an extraordinary achievement.
“Thank you to all the mentors who are willing to collaborate with CSDU FEB UGM to mentor the participants. We will continue to strive to provide the best support in mentoring FEB UGM students for competitions,” she said.
Reportage: Kurnia Ekaptiningrum
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