The ‘Actuarial Alchemists’ from Sri Sathya Sai Institute of Higher Learning delivered an exceptional solution, earning the top honours.
157 teams registered from over 40 colleges. The overwhelming participation showcased the growing interest in actuarial science and innovation among students across India and South Asia.
Five teams from Nepal, comprising 15 dedicated students, showed unmatched enthusiasm by travelling significant distances to take part.
Out of the 157 entries, 23 teams made it to the semi-finals and 10 teams competed in the grand finale. They each presented groundbreaking solutions to address real-world challenges.
The Actuarial Innovation Challenge 2024 was among the IFoA India Conference 2024’s standout moments. The challenge encouraged participants to develop innovative insurance solutions for disadvantaged communities, blending creativity with technical expertise.
The competition set the tone for the conference by emphasising the importance of innovation and collaboration in solving actuarial and societal challenges.
Stand a chance to win prizes worth ₹100,000 in the Actuarial Innovation Challenge 2024.
We are excited to announce the launch of the Actuarial Innovation Challenge 2024, a nationwide competition for university students in India run jointly by the Institute and Faculty of Actuaries (IFoA) and the Institute of Actuarial & Quantitative Studies (IAQS).
If you’re studying STEM, commerce, economics or mathematical-based subjects that could lead to an actuarial career, this event is not only a chance to win prizes, it’s an opportunity to engage with the actuarial community, make important professional connections and showcase your skills.
You’ll be competing against India’s finest undergraduate minds, finding solutions to real-world actuarial problems to win cash-equivalent prizes and see your work shared with a wide professional audience, including potential employers.
The competition is open to first, second, or third-year undergraduate students in STEM, commerce, economics, mathematics or other courses that could launch an actuarial career. Each team may have up to three members, and each college can have a maximum of four teams.
1. Registration:
Register online. Find the link in how to take part below.
2. Response:
Find the challenge question and guidelines, as well as the forms you need to prepare and send your submission, in how to take part below.
3. First round:
The top 20 teams will be selected based on the accuracy and creativity of their submissions.
4. Semi-final round (online):
Selected teams present their solutions online to a panel of judges.
Top 10 teams advance to the final round. We will give some additional questions and increase the complexity.
5. Final round (in person at the IFoA India Conference on 29 November):
Finalists present their enhanced solutions in-person during IFoA India Conference 2024 at Hotel Andaz, New Delhi.
The winners are announced during the event.
Register:
To register your team, please fill out the online competition registration form.
Prepare your solution:
Once you have registered, please download our guidelines that outline the challenge question. They also provide some hints and tips of what you should research and consider when coming up with your solution.
Download challenge question and guidelines (PDF, 130 KB)
Submit your solution:
Submit your presentation slides in PDF format by 7 October. Only one entry per team, submissions must adhere to the guidelines provided.
For more details, follow us on our social media channels or contact us at southasia@actuaries.org.uk.