AI-Powered Health App Idea Takes Top Spot at NTU-GAIP Insurance Case Competition

"Team Archers demonstrated a deep understanding of both the technology and the insurance sector. Their idea was not only innovative but also highly practical, addressing real-world challenges in the medical underwriting process. It's exactly the kind of forward-thinking approach that we need in the insurance sector today," said GAIP CEO, John Maroney, who was one of the judges at the University level.

In its second year, the competition received 110 submissions: 30 from university teams and 80 from pre-university teams. For the first time, six university teams from Malaysia, Indonesia, the Philippines, Vietnam, and Thailand were invited to participate in the final round.

“We invited students from ASEAN universities to participate because we believe that diverse perspectives are crucial in tackling the complex challenges of the insurance industry. The cross-cultural exchange of knowledge and creativity enriches the competition and helps shape solutions that are truly impactful on a global scale," said Assoc Prof Shinichi Kamiya, Co-Director of the Insurance Risk and Finance Research Centre (IRFRC) at NTU.

At the pre-university level, five teams from polytechnics, junior colleges, and secondary schools with integrated programs made it to the final round. The Hwa Chong Institute ‘Wolf of Bukit Timah' team impressed the panel of judges with its analytical thought process.

Vincent Shi, Chief HealthTech Business Officer, ReMark (SCOR Digital Solutions) and one of the judges for the pre-university level, said, “The pre-university team stood out for their exceptional depth of research and critical analysis of the risks associated with AI in the insurance industry. They didn't just identify the challenges; they developed comprehensive and viable strategies to mitigate and insure against these risks. Their approach was both insightful and forward-thinking, demonstrating a maturity beyond their years and their work truly impressed the judges."

“Our research into the risks that AI solutions pose to businesses at large taught us the importance of looking beyond the benefits and considering the potential challenges. Our proposed insurance solutions look to address these risks, providing businesses with the confidence to invest in and leverage AI. This experience has shown us how critical it is to approach innovation with enthusiasm and caution," said the team comprising Ngoi Cheng Yi, Warren Miao, Darell Chou, and Rayden Tan.

The NTU-GAIP Insurance Case Competition continues to be a vital platform for nurturing the next generation of insurance talents. Through this competition, NTU and GAIP are helping to shape a smarter, more resilient insurance industry, one that is equipped to meet the demands of a rapidly changing world.