Solving ESG and CSR Issues in Insurance Business with the ‘Triple P Roadmap’ Solution, FMIPA UI Students Win 1st Place in the 2023 Gadjah Mada Business Case Competition

Undergraduate Geography Study Program student, Faculty of Mathematics and Natural Sciences, University of Indonesia (FMIPA UI) Benedictus Krisnandaru Aji, along with his team from various faculties at UI, namely, Adinda Gadis Arifia (Management FEB UI 2021), and Hylda Mirna Evangelyn Silalahi (Management FEB UI 2021) succeeded in becoming the first place winner in the 2023 Gadjah Mada Business Case Competition.

The three of them joined the Market Makers Team representing the University of Indonesia in the prestigious event. This competition is an international business competition organized by the Management study program, Universitas Gadjah Mada with the theme "Empowering Youth in Sustaining Corporate Responsibility and Growth Strategy Towards SDGs of 2030".

As one of the prestigious competitions in Indonesia, there are hundreds of participating teams from various countries in Southeast Asia participating in this competition. In its stages, participants submit their business proposals, which will then be selected through several stages, Preliminary Round, Semifinal Round, and Final Round. The selected winners will be divided into several categories, namely 1st place, 2nd place, 3rd place, as well as special awards such as best team presentation and best speaker. In this competition, participants are challenged to solve business cases or problems submitted by agencies or companies (case contributor), namely Astra Insurance.

In the initial stage, namely the Preliminary Round, participants were given cases on CSR (Corporate Sustainability Responsibility) and ESG (Environmental Social Governance) by Asuransi Astra which had to be completed through a business proposal design. Teams that passed this stage would proceed to the Semifinal Round. In the Semifinal Round, all teams were divided into three groups breakout room. Each group breakout room consists of five teams who will compete with each other in terms of ideas, arguments and innovations in the session pitching and business debate. The Preliminary Round and Semifinal Round are held online.

The five teams with the highest scores will advance to the Final Round, which will be held offline at the Faculty of Economics and Business, Universitas Gadjah Mada. The Final Round will be held for two days. On the first day, the finalists will get mentoring opportunities from business professionals regarding Mastering the Art of Impactful Presentation dan sesi feedback related to the presentation material to be presented. Meanwhile, the second day was the peak of the 2023 Gadjah Mada Business Case Competition, where the finalists presented (pitching) product or program design that is expected to be implemented by Astra Insurance. Session final pitching attended by two senior lecturers of FEB UGM and two representatives from Asuransi Astra (Head of Public Relations and Product Development). The Final Round series was held at Pertamina Tower, FEB UGM. The announcement of the winners was also announced on the same day at the Dinner and Awarding Night session held at Horaios Malioboro Yogyakarta Hotel. 

The Market Makers team presented a unique innovation in this competition. They developed a solution aimed at improving the quality of ESG (Environmental Social Governance) and CSR (Corporate Sustainability Responsibility) of Asuransi Astra through three main aspects: Portfolio, People, and Public Contribution. The three aspects are packaged in a solution entitled 'Triple P Roadmap' which consists of three proposals. First, they proposed a Parametric Insurance product targeted at farmers, where this product aims to provide protection for farming businesses against the threat of climate change with affordable premiums and flexible coverage. Second, they proposed a 'Shared Values' program that involves employees in CSR, through collaboration between companies, employees, and NGOs to increase social contributions. Third, they created the #LewatPremiKamuPeduli program which allocates part of customer premiums for ESG and CSR programs, builds long-term relationships with customers, and contributes to increasing the ESG and CSR index of Asuransi Astra. Thus, Asuransi Astra's internal and customers can synergize to realize sustainability.

Benedictus shared the struggle behind his team's success, which was inseparable from the contribution of each member. Various plans were prepared together, such as marketing plans, implementation timelines, budgeting, risk and mitigation, and so on. This allowed them to exchange information and new findings.

"Our team has its own specialization in analyzing a business problem. I analyze the business from the product aspect, Hylda analyzes from the market aspect, while Adinda Gadis analyzes the financial aspect of the company," said Benedictus.

What makes this team unique compared to other teams is its orientation towards the community. Most of the other participants focus on developing electric car insurance (EV Insurance) products that are oriented towards the middle to upper class. In contrast, the Market Makers Team focuses on marginalized communities. With the Parametric Insurance solution, Benedictus and his two colleagues are able to meet market expectations by offering affordable premium price and insufficient coverage (flexible coverage) and contribute to addressing the issue of inclusivity in insurance.

In fact, a competition is not free from challenges. Benedictus revealed that one of the main challenges faced by his team was combining the ESG concept with inclusive insurance products. According to him, inclusive insurance requires a more comprehensive approach and calculation to present insurance products at affordable costs, satisfy customers, and generate benefits for the company, both in terms of profit and ESG. In addition, the competition format involving a business debate session between teams in the Semifinal Round is a challenge in itself.

The experience in the Gadjah Mada Business Case Competition provided many valuable lessons for the Market Makers Team. They felt that this competition helped them develop business acumen or the sharpness of analyzing business that will be useful for their future careers. In addition, it is also important for a student to improve self value.

“One of my motivations for joining the competition is to improve my skills. self value. I think that self-value can increase along with the increasing frequency of challenges, experiences, and willingness to get out of the comfort zone. Although having different study backgrounds, through business competitions, I can gain a lot of information and knowledge outside of MIPA and Geography itself," said Benedictus.

At the end of the interview session with the Public Relations of FMIPA UI, Benedictus also gave a message to other FMIPA UI students that self-development can be done in various ways. The most important thing is how individuals can instill the principle “Live your life like there is no tomorrow. Stay hungry, stay foolish.”, to always take advantage of every opportunity and give the best.

For your information, Gadjah Mada Business Case Competition is an annual international undergraduate business competition organized by FEB UGM management students. This year, the competition carries the theme "Empowering Youth in Sustaining Corporate Responsibility and Growth Strategy Towards SDGs of 2030" with PT Asuransi Astra Buana (Astra Insurance) as the case contributor.

The timeline of the competition is Registration (April 3-26, 2023), Case Release (April 27, 2023), Preliminary Round (April 27 - May 14, 2023), Virtual Visit to PT Asuransi Astra Buana (May 20, 2023), Semifinalist Announcement (May 20, 2023), Semifinal Technical Meeting (May 23, 2023), Semifinal Round (May 27, 2023), Finalist Announcement (May 31, 2023), Final Technical Meeting (June 2, 2023), Final Round in Jogja (July 11-12, 2023), and Awards Night (July 12, 2023).

Public Relations Contributor of FMIPA UI: Arrizqy Nadya Khairunissa (Geography 2019)

News source : https://sci.ui.ac.id/