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Student Blog: Competing in the OIC Insurtech Award 2023 competition

Greetings! My name is Thavaree Sampaothong. I am currently in my final semester of the 4th year, majoring in Digital Business Management under the Bachelor of Business Administration at MSME Business School, Assumption University.

Last year, in July 2023, Dr. Sumate Permwonguswa, the Chairperson of the Department of Digital Business Management at Assumption University of Thailand, recommended that I attend the OIC Insurtech Award 2023 seminar held at the university to gain insight into the competition. At that time, I was keen on participating in IT solutions competitions to enhance my resume and explore the practical application of my knowledge in the business world.

I invited my friend, Ms. Pantawan Yanwimoot, a finance student, to join me as my teammate in this competition. Together, we named our team “Harvest Moon” and focused on implementing Artificial Intelligence to fix issues in crop insurance industries.

Throughout this journey, we received immense support from Dr. Sumate Permwonguswa, Dr. Anan Osothsilp, and other lecturers from the Finance and Insurance majors. Their assistance made participating in the competition less daunting. Every lecturer was willing to give advice to us, and during the competition, professional consultants were provided to help improve our business model. So, I encourage you not to hesitate to join next year; believe me, it’s worth it!

Initially, we didn’t expect to progress past the first round, considering the high number of teams (over 300) and the substantial prize money at stake. However, we advanced through multiple rounds, including the hackathon, where we learned invaluable lessons that could be applied in the real business world. Missing out on the hackathon would have been regrettable, as it provided opportunities for learning beyond our studies.

Ultimately, we reached the final round, competing against the last five university student teams. We were thrilled to discover that we were the only team from a private international university among renowned public universities. Our journey from ground zero to significant improvement within two months was truly rewarding.

Although we didn’t emerge as the winner, receiving the 1st honorable prize was a significant honor for us. Personally, I never anticipated winning any prize, as everything about the competition was new to me. Delivering the pitch in Thai, before a large audience at one of the biggest events of the year, was already a remarkable achievement for me.

I’ve thanked myself countless times for deciding to join the competition. I may not have been the smartest person, nor did I possess extensive knowledge about the business world, but I proved to myself that I could do it. So, if I could, anyone can. Dedicate yourself to your goals and believe in your abilities. Trust me, you’ll never be disappointed. Let’s rock!”

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