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Innovative insurance products win awards

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Real Insurance and Australian Unity have topped the industry in terms of innovation, taking out excellence awards from highly regarded financial data and ratings provider Cannex.

Cannex Head of Research Steve Mickenbecker told many innovative banking and insurance products are worth recognising.

Real Insurance’s Pay As You Drive car insurance policy, launched last August, gives members the chance to save if they drive less than the average profile for their age and area.

Australian Unity gives financial incentives to drive individual behavioural change – $100 for members who join approved weight loss programs, $100 rewards when they achieve their goal weight and another $150 if they stay within 5kg of their goal weight for a year. It also offers chronic disease management coaching.

There were six banking products awarded and just two insurance products that met Cannex’s criteria. Mr Mickenbecker says of the 50 to 60 nominees, there weren’t as many general insurance products as health, life and banking.

“The insurance industry is generally more conservative. It is dealing with risk and that doesn’t tend to lead to flamboyant products.”