A student team from the School of Mathematics, Actuarial, and Quantitative Studies (SoMAQS) at Asia Pacific University of Technology & Innovation (APU) secured First Runner-Up at the Volt Vision Challenge 2026.

Team rEDhOKKIENmEE, comprising Chow Jian Wei, Tee Bao Yee, Ea Ming Quan, and Lye Wei Heng, represented APU with their proposal addressing key risks and challenges within Malaysia’s growing electric vehicle (EV) ecosystem.

Organised jointly by the Institute and Faculty of Actuaries (IFoA) and Persatuan Insurans Am Malaysia (PIAM), the competition ran from 1st July to 2nd October 2026; bringing together university students from across Malaysia to develop innovative and practical solutions to real-world challenges in electric mobility, while collaborating with peers and engaging with industry leaders.

The team’s success was made possible through the mentorship of Mr Lee Chee Nian (Lecturer, SoMAQS at APU), Mr Muhammed Amin Hassim (Lecturer, SoMAQS at APU), and Dr Ang Chiew Way (Lecturer, SoMAQS at APU), with support from Assoc Prof Dr Rajasegeran Ramasamy (Head, SoMAQS at APU).

From Risk Assessment to Industry Solutions

For their proposal, the APU team examined several challenges affecting the EV and insurance landscape, including battery-related risks, high repair and replacement costs, limited historical claims data, and gaps in specialised EV repair services.

Their proposed framework brought together insurance protection, risk assessment, data-supported pricing, and improvements to EV repair and recovery processes, while considering the financial feasibility of their recommendations for insurers, EV owners, manufacturers, repair centres, and government agencies.

Following the success of the development of their proposal, the team advanced to the Grand Finale, where they presented their recommendations to a panel of industry judges and actuarial professionals.

During the presentation, they responded to questions on implementation, insurance pricing, and stakeholder involvement; allowing them to further apply concepts from their Actuarial programme to an emerging industry issue.

The experience demonstrated how actuarial knowledge can extend beyond calculations and pricing into areas such as product development, risk management, sustainability, and business strategy.

Growing through the Experience

Reflecting on their participation, the team shared that the competition was an opportunity to grow their understanding of the actuarial profession, while applying their knowledge to a real-world industry challenge.

“Working on an industry-focused challenge encouraged us to look at the issue from different perspectives, develop practical recommendations, and consider how our ideas could be applied in real-world settings.

“Most importantly, the experience strengthened our teamwork and gave us greater confidence in applying what we have learned in the classroom to challenges faced by the industry,” they said.

Nurturing future Actuarial Professionals

Dr Rajasegeran expressed his pride in the team’s achievement and their ability to apply their actuarial knowledge to a real-world industry challenge.

“Competing at a national level and engaging directly with IFoA and PIAM professionals gave the students valuable exposure to the expectations of the actuarial profession, while allowing them to strengthen their professional capabilities and prepare for their future careers.

“It also reflects the importance of connecting academic learning with current developments in the insurance and mobility sectors; equipping students to engage with the complex challenges shaping the future of the actuarial profession,” he said.