Benedictus Krisnandaru Aji, a student of the Undergraduate Geography Study Program, Faculty of Mathematics and Natural Sciences, University of Indonesia (FMIPA UI), 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 Gadjah Mada Business Case Competition 2023.
The three of them are members of the Market Makers Team, representing the University of Indonesia in this prestigious event. This international business competition, organized by the Management study program at Gadjah Mada University, is themed “Empowering Youth in Sustaining Corporate Responsibility and Growth Strategy Towards the SDGs of 2030.”
As one of the most prestigious competitions in Indonesia, hundreds of participating teams from various countries in Southeast Asia participated in this competition. In the stages, participants submit their business proposals, which will then be selected through several stages: Preliminary Round, Semifinal Round, and Final Round. 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, the Preliminary Round, participants were given a case study on CSR (Corporate Sustainability Responsibility) and ESG (Environmental Social Governance) from Astra Insurance, which they had to complete through a business proposal. Teams that passed this stage would advance 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 debates. The Preliminary and Semifinal Rounds will be held online.
The five teams with the highest scores will advance to the Final Round, held offline at the Faculty of Economics and Business, Gadjah Mada University. The Final Round will be held over two days. On the first day, the finalists will receive mentoring from business professionals regarding their business. Mastering the Art of Impactful Presentation and sessions feedback related to the presentation material to be delivered. Meanwhile, the second day marked the highlight of the 2023 Gadjah Mada Business Case Competition, where the finalists presented (pitching) product or program designs that Astra Insurance is expected to be able to implement. Session final pitching Attended by two senior lecturers from the Faculty of Economics and Business, Gadjah Mada University (FEB UGM) and two representatives from Asuransi Astra (Head of Public Relations and Product Development). The final round was held at the Pertamina Tower, FEB UGM. The winners were also announced on the same day during the Dinner and Awarding Night session held at the 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 Astra Insurance’s ESG (Environmental Social Governance) and CSR (Corporate Sustainability Responsibility) through three main aspects: Portfolio, People, and Public Contribution. These three aspects were packaged in a solution entitled ‘Triple P Roadmap’ which consisted 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 the company, employees, and NGOs to increase social contributions. Third, they created the #LewatPremiKamuPeduli program that allocates a portion of customer premiums for ESG and CSR programs, building long-term relationships with customers, and contributing to the improvement of Astra Insurance’s ESG and CSR indexes. Thus, Astra Insurance and customers can synergize to achieve sustainability.
Benedictus recounted the struggle behind his team’s success, which was inextricably linked to the contributions of each member. Various plans, such as marketing plans, implementation timelines, budgeting, risk and mitigation, and so on, were developed collaboratively. This allowed them to exchange information and even new findings.
“Our team each has its own specialty in analyzing business problems. I analyze the business from a product perspective, Hylda analyzes the market, and Adinda Gadis analyzes the company’s financial aspects,” said Benedictus.
What makes this team unique compared to others is its targeted customer orientation. Most other participants focused on developing electric car insurance (EV) products aimed at the middle- to upper-class community. In contrast, the Market Makers Team focused on marginalized communities. With its Parametric Insurance solution, Benedictus and his two colleagues were 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.
Indeed, any competition is never without challenges. Benedictus revealed that one of the main challenges his team faced was combining the ESG concept with inclusive insurance products. He explained that inclusive insurance requires a more comprehensive approach and calculation to deliver affordable insurance products, satisfy customers, and generate benefits for the company, both in terms of profit and ESG. Furthermore, the competition format, which involved a business debate session between teams in the Semifinal Round, presented a unique challenge.
The experience of participating in the Gadjah Mada Business Case Competition provided many valuable lessons for the Market Makers Team. They felt that this competition helped them develop their business. business acumen or business analytical acumen 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 taking part in the competition is to improve my skills. self value. I believe that self-worth can increase with the frequency of challenges, experience, and willingness to step outside of my comfort zone. Despite my diverse academic backgrounds, through business competitions, I’ve gained a wealth of information and knowledge beyond mathematics and geography,” Benedictus explained.
At the end of the interview with the UI Faculty of Mathematics and Natural Sciences Public Relations, Benedictus also gave a message to other UI Faculty of Mathematics and Natural Sciences students that self-development can be achieved in various ways. The most important thing is how individuals can instill the principles of self-improvement. “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, the Gadjah Mada Business Case Competition is an annual international undergraduate business competition organized by management students of the Faculty of Economics and Business, Gadjah Mada University (UGM). This year’s competition carries the theme “Empowering Youth in Sustaining Corporate Responsibility and Growth Strategy Towards the SDGs of 2030,” with PT Asuransi Astra Buana (Astra Insurance) as the winner. 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).
