The Actuarial Innovation Challenge made its debut at the IFoA India Conference 2024 — and what a debut it was. With over 150 teams from across South Asia, the competition showcased the talent, creativity, and drive of the next generation of actuaries. Last year’s winners, the Actuarial Alchemists, share how the experience shaped their journey and why it’s an opportunity no student should miss.
Participating in the Actuarial Innovation Challenge 2024 at the IFoA India Conference was a truly transformative experience for our team, the Actuarial Alchemists. As first-year students in actuarial data science, we were eager for exposure to the real-world side of actuarial science, and this competition provided exactly that and more.
What made this challenge so exceptional was its power to bridge the chasm between academic theory and real-world application. It's one thing to learn pricing formulas in a classroom, but another entirely to apply them to a tangible problem like safeguarding India's micro-businesses. This forced us to confront the messy reality of imperfect data and the need for creative assumptions as we worked to design our innovative insurance product. Researching sectoral needs, exploring different approaches, and analysing data helped us realise how dynamic and impactful actuarial work can be outside the classroom.
A major highlight for us was the emphasis placed on thorough research. We learned to cross-check information from various sources and pay attention to both pricing strategy and marketing strategy. This comprehensive approach honed our technical skills, and this deep dive was elevated by the insightful, rigorous feedback from the judging panel. Their questions pushed us far beyond the technical model, challenging our assumptions on everything from distribution channels to customer usability, which truly tested our ability to communicate and present complex ideas effectively.
Winning first place was incredibly rewarding, but even more valuable was the personal growth we experienced. The challenge boosted our confidence and inspired us to take on greater responsibilities – bridging gaps between theory and practice, and preparing ourselves for real-world challenges in the profession.
For anyone considering participating, we would say this: the experience is not just about competing, but about learning, innovating, and pushing the boundaries of what actuaries can achieve. We are grateful for the opportunity and are excited to continue exploring the vast, impactful world of actuarial science.
Team Actuarial Alchemists:
Kuncham Sai Chetan
Eshwar Sai AK
Anand Sai Gosikonda
Inspired? The Actuarial Innovation Challenge 2025 is now open for registrations, with the grand finale taking place live at the IFoA India Conference in New Delhi this December. Don’t miss your chance to compete, learn, and shine on a global stage.
