The awards, which were held at the Cafe Royal in London last week, also saw Pru Health chief executive Shaun Matisonn winning personality of the year.
Wheatcroft was given the award for the quality of his technical publications at Swiss Re, his customer service skills and his work as former chairman of the Investment and Life Assurance Group.
Matisonn received the award for his work in stablishing Pru Health and Pru Protect as major influences in the protection sector.
The Protection Review innovation award went to Direct Life and Pensions for its quote system Intelligent Protection.
Protection Review co-editor Andy Couchman says: “These are all outstanding recipients of the awards whose work is very well recognised throughout the protection industry. We are delighted to celebrate them in this way.”
Co-editor Peter Le Beau says: “The huge attendance at this year’s Review dinner underlined the interest in and energy surrounding the life and health protection industry in the UK. We have to find a way of turning this in to greater sales activity and improve momentum. There are recent encouraging signs that the market is becoming more innovative and customer-focused.”