University Student Team Led by Samsung Fire & Marine Insurance Makes First Appearance at International Competition

Samsung Fire & Marine Insurance announced on August 22 that, for the first time in history, a team of Korean university students represented the country at the Global Insurance Academic and Industry Partnership (GAIP) 2025 competition, which was recently held at Nanyang Technological University in Singapore.

Executive Director Jongwoo Kwon of Samsung Fire & Marine Insurance (second from the right in the top row), Director Cheolkyung Ahn of the Korea Insurance Research Institute (fourth from the left in the top row), and members of the Korea representative 4ever team (from the first to the fourth on the left in the bottom row) and other officials are taking a commemorative photo during their visit to Samsung Re, a reinsurance corporation located in Singapore, before participating in the recently held Global Association of Insurance Professionals (GAIP) competition. Samsung Fire & Marine Insurance

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The competition focused on innovative ideas for the insurance industry, such as new product development and the use of artificial intelligence (AI) technology. University student teams from ten countries, including Korea, Japan, and Hong Kong, participated in the event.

The Korean representative team, "4ever," was the winner of the grand prize at the "3rd National University Student Risk Management Competition," which was co-hosted by Samsung Fire & Marine Insurance, Seoul National University, and Pohang University of Science and Technology in June. The team presented a "fire insurance product specialized for data centers" at that event. After about two months of preparation, they took on the international stage with the same theme.

In addition to the university student team, Nitin, CEO of Samsung Re, a reinsurance corporation based in Singapore, Chulkyung Ahn, President of the Korea Insurance Research Institute, Professor Sojung Park of Seoul National University, and Professor Kwangmin Jung of POSTECH also accompanied the group.

They attended meetings with the Singapore insurance industry and participated in an international academic-industry seminar hosted by GAIP, where they held in-depth discussions on industry issues such as cyber, AI, and insurtech (insurance + technology).

A Samsung Fire & Marine Insurance official stated, "It is highly significant that a team of Korean university students participated in the competition for the first time," adding, "We will continue to actively foster talent who can perform on the global stage and contribute to strengthening the competitiveness of the domestic non-life insurance industry."

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