Institut Teknologi Bandung

The team consists of Laticia Jessie Laksana, Levynna Catalina Edison, and Yohana Yudiswara, who are from the 2021 Actuarial Science bachelor's study program.

The team from ITB participated in the Actuarial Case Competition category with the theme "Human-Centered Actuarial Approach for a Stable Future". In the preliminary stage, each team was asked to complete a case study that illustrates the number of child workers in Indonesia due to family economic demands.

Then, a donation activity was proposed to the families of child workers, while providing benefits to the donors. This is a significant step in the context of developing social welfare. Through this activity, donors will act as policyholders who pay premiums with the aim of providing insurance benefits to their families as well as the families of child workers.

This initiative is not just a proposal but also involves careful calculations of the financial reserves that need to be prepared by the company, including the amount of premium that must be paid by the policyholder.

In an effort to avoid heavy financial burdens, premiums for working child families are not borne by just one policyholder but are shared among at least 8 policyholders.

Apart from providing opportunities for the community to contribute through Corporate Social Responsibility (CSR), this initiative also reflects the company's commitment in achieving the 2030 Sustainable Development Goals (SDGs). Thus, this step not only provides concrete benefits to the families of child workers but also stimulates sustainable socio-economic growth.

“We found that Microinsurance (insurance companies) give premiums of one dollar per year to child workers but (get) a lot of benefits. It is said that Microinsurance reduces the number of child laborers, so we use it as an inspiration," said Laticia Jessie Laksana.

With this insurance initiative, the potential for children being forced to work can be reduced because there is no pressure to work to pay for their family's medical treatment in emergency situations. This allows children to focus on their education and helps improve family well-being.In the final stage of the competition, five teams managed to advance, including those from the University of Indonesia (UI), Padjadjaran University (Unpad), Brawijaya University (UB), and two teams from Institut Teknologi Bandung (ITB).

Teams that entered the final stage were required to make a presentation in front of juries who acted as investors from the insurance company. By using the courses that have been taught and independent learning, the ITB team was able to win third place and received an award.

Reporter: Indra Putra Lohanata (Actuarial Science, 2021)
Translator: Hanifa Juliana  (Urban and Regional Planning, 2020)
Editor: Kezia Hosana