The Actuarial Innovation Challenge (AIC) returned this year with even greater energy, creativity and participation.
With 72 submissions from universities across India and Nepal, AIC 2.0 showcased the power of young actuarial minds to rethink risk, design bold solutions and build products that respond to emerging market needs.
This year’s finale was held on 7 December at the Andaz Hotel, Delhi, bringing together students, judges, academics and industry leaders for an inspiring day of ideas and exchange.
AIC 2.0 followed a structured selection journey:
The diversity and depth of submissions highlighted how the next generation of actuaries is engaging with real-world risks – from construction safety and food-tech operations to vertical farming and urban housing markets.
Team: The Policy Smiths, Institute of Actuarial and Quantitative Studies (IAQS)
Solution: DarkCloudInsure: Micro-insurance for India’s cloud kitchen economy
The winning team created DarkCloudInsure, an affordable and sector-specific micro-insurance solution designed for India’s rapidly expanding dark kitchen and cloud kitchen ecosystem.
With food-tech entrepreneurship rising across metro and tier-2 cities, cloud kitchens face unique operational, fire, hygiene and supply-chain risks that are often uninsured.
DarkCloudInsure aims to bridge this gap by offering:
The judges praised the solution for its practicality, relevance, and strong alignment with industry needs.
Team: Variance Crew, NMIMS Anil Surendra Modi School of Commerce
Solution: Homebuyer’s insurance for the ‘vulnerable affluent’
The first runner-up team tackled one of India’s most pressing concerns – risk in the premium under-construction housing segment (₹80L–₹1.5Cr).
Their research highlighted:
Their solution provides protection against delays, financial losses, and structural risks – bringing much-needed confidence and stability to a segment that is financially strong but increasingly exposed.
Team: Levedge, Bishop Heber College
Solution: Suraksha Saathi Plus: Protection for India’s construction workforce
India’s construction sector employs millions, yet remains one of the most underinsured labour segments.
Levedge’s solution addresses this gap through:
The judges commended the team for designing a socially impactful and highly implementable product.
Team: Innovatria, School of Mathematical Sciences, Tribhuvan University
Solution: GreenRise Insurance: Supporting the future of vertical farming
With vertical farming emerging as a sustainable solution for urban food demand, Innovatria proposed GreenRise Insurance, a comprehensive policy for medium and large vertical farms.
Product highlights:
The solution aligns with IRDAI’s Vision 2047, promoting innovation in agriculture and climate-resilient food systems.
AIC 2.0 demonstrated how actuarial skills – data, modelling, risk thinking and structured problem-solving – can be applied to some of the most relevant challenges of today.
The energy of the finalists, the diversity of ideas, and the professional commitment of the judges made this year’s challenge a meaningful platform for emerging talent.
The IFoA South Asia Team congratulates all participating students, especially the winners and runners-up, and extends sincere gratitude to the judges and academic partners who made the event possible.
As the actuarial profession continues to evolve across India and South Asia, initiatives like AIC reflect our commitment to nurturing future leaders, strengthening industry-academia collaboration, and encouraging innovation-driven actuarial careers.
AIC 3.0 promises to be even bigger, with more universities, new themes and expanded opportunities for students to make their mark.
