Published:
Heriot-Watt University Malaysia Society of Actuarial Science (HWUMSAS) has successfully organised the HWUMSAS Case Competition 2024. Held on 27 March 2024, this competition was a resounding success, positively impacting participants and the wider university community. This year’s competition focused on “Cyber-Insurance: Develop a robust and practical stand-alone policy tailored for medium-sized organisations,” providing students with an excellent platform to apply actuarial knowledge and skills to real-world scenarios.
The competition received an impressive 20+ participation from teams across Malaysia, demonstrating the strong interests of undergraduates in the actuarial science field. Additionally, the final round attracted over 120 attendees, including HWUM students, MACS staff, industry professionals, and sponsor representatives.
Additionally, the competition featured diverse industry participation, as it was significantly bolstered by the invaluable contributions of judges and sponsors. The judging panel comprised industry professionals like Mr Gabriel Ryan, Vice President of Regulatory Portfolio Analytics at DBS Bank; Mr Jason Chia, Actuarial Assistant Manager at FWD Technology and Innovation Malaysia; Mr Ng Khai Yan, AVP in Risk Management & Chief Information Security Officer (CISO) at Tokio Marine Life Malaysia; and Mr Steven Wong, Head of Product Development and Management at Tune Protect Malaysia. They have provided valuable feedback to the participants.
Furthermore, the competition secured sponsorships from various industry leaders, including the Institute and Faculty of Actuaries (IFoA) as a platinum sponsor; Prudential BSN Takaful Berhad, FWD Takaful Berhad, and Tune Insurance Malaysia as gold sponsors; Actuarial Society of Malaysia as a silver sponsor; and Mr Gabriel Ryan, Casualty Actuarial Society (CAS), and Nicholas Actuarial Solutions as bronze sponsors.
Over 20 teams participated in the preliminary rounds, with the top seven finalists battling it out in the final round. The judges were particularly impressed by two innovative proposals. One team proposed leveraging smart contracts for cyber-insurance policies, showcasing a forward-thinking approach to risk management. Another team’s idea focused on collaboration with cloud services, highlighting the importance of integrating with cutting-edge technology. These creative solutions have the potential to significantly impact the future of cyber insurance.
Overall, the HWUMSAS Case Competition 2024 provided a valuable opportunity for students to apply theoretical knowledge in a practical scenario while fostering innovation, teamwork, and professional growth. The competition also strengthened the sense of community within the university and offered a glimpse into the exciting future of cyber insurance.