Actuarial Challenge is an event for the university actuarial science undergraduates to test their knowledge and ability to design and simulate an insurance product for the real world. It brings light to the apprentice who wishes to seek a career, to be in the field of mathematics, particularly in probability, statistics, risk management and to solve real life financial problems involving uncertainty.
The challenge is catered for the best and perhaps the finest students in the related fields from several undergraduate universities. They are selected, filtered and trained to access themselves in the challenge, and to emerge as one of the best at the end of the competition.
A few stages are involved in the organization of the challenge to provide a real working scenario. The students have to engage themselves in professional conducts, meetings and presentations. The assignment that will be given in the challenge will incorporate several important aspects that will stress on the participants’ business sense, creativity to deduce innovative solutions to new problems, effective communication skills and the ability to work in a team. These proficiencies will be the major criteria being analyzed and evaluated in the competition.
The Actuarial Challenge will be held on 9th June 2018 and 10th June 2018 at UTAR Sungai Long Campus from 8am to 7pm.
Each competing team is composed of 6 people, with students who are major in Actuarial Science/ Financial Mathematics/ Economics/ Finance. However, to make the challenge more competitive, each team has to include at least 2 Actuarial Science final year students.
The Challenge simulates a real actuarial working environment where the participating teams must complete on the assigned assignment (e.g. pricing insurance product) within a limited time framed. The participating team will be provided with the related information on the assignment one week before the Challenge. This is to allow the participants to have sufficient time to study the information according to the requirements on the actual day of the Challenge.
During the day of the Challenge, an assignment will be given to each participating team. Each team has to complete the assignment through reasoning and working together within 24 hours. The participants are open to use any type of software in their assignment. The participants can seek for the actuaries’ advice related to their assignment during the consultation time. Each team is required to prepare two paged executive summary to be presented
The champion will be awarded with RM 3500 and certificates.
The first runner up will be awarded with RM 2500 and certificates.
The second runner up will be awarded with RM 1500 and certificates.