Le Beau says the award aims to foster and recognise innovation and will sit alongside the three existing awards for lifetime achievement, personality of the year and outstanding achievement. He says: “It is important to encourage innovation, particularly in an industry where a lot of our products are not as appealing to the public as they should be. But there are things happening, with seven new income protection products launching in the past year and Fortis hopefully entering with some new ideas. This needs to be recognised.”
Private medical insurance, income protection, critical-illness cover, life insurance and multi-plan products are eligible for the award.
Lifesearch policy adviser Matt Morris says: “This is a good idea. Innovation is the hallmark of a healthy industry and it is correct that new and interesting products receive the recognition they deserve.”
Aegon Scottish Equitable chief executive Otto Thoresen will be the keynote speaker at the awards dinner on July 8.