Two Purdue University actuarial science majors received a big payday after recently winning an international competition in China. Junior Jiaxin Yu and senior Dongyu Dai were awarded $100,000 after claiming first prize in the Global Insurance Product Innovation Contest.
The competition tasks entrants with using technology and creativity to meet the needs of insurants. Yu and Dai’s project focused on cybersecurity, specifically their idea of Cyber Security Smart Insurance to help deal with the financial toil these attacks have on businesses. The plan devised by Yu and Dai would offer the insurance to businesses to help with losses, which the judges deemed was worthy of first prize over the projects of PhD and master’s candidates from all over the world.
Dai and Yu plan to use the prize money to return to China to submit a formal business plan for their smart insurance. The two hope to start a company and bring the product to market.