Four insurer brands have been shortlisted for Finder’s “Best Insurance Innovation” award ahead of the winner being announced during a virtual ceremony on October 28.

In the running for 2020 are IAG’s year-old subscription product Poncho Insurance, Claim Central Consolidated, Fast Cover Travel Insurance and Sydney-based insurtech Upcover, which  offers pay-as-you-go insurance and healthcare benefits for gig workers.

Fast Cover, which is underwritten by Hollard, is also in the running for the “Best Travel Innovation” category, competing against DiDi, RedBalloon, Tourism Australia’s Bushfire Safety Map and TransferWise.

The Finder Innovation Awards, now in their fifth year, recognise the excellence, creativity and impact of innovations introduced during the year to June 30. Submissions were reviewed by a judging panel of 48.

“These are the businesses raising the bar and solving real customer problems that will leave a legacy for years to come,” Finder Australia CEO Chris Ellis said. “The calibre of entries was outstanding and it’s an honour to recognise this work.”

COVID-19 means it has never been more important for businesses to adapt to rapidly changing customer needs, Mr Ellis said.