OnePath has won a Canstar Innovation Excellence Award for its Self Secure Life product.

Canstar Head of Research Steve Mickenbecker says the self-managed super funds (SMSF) have a poor uptake of life insurance products.

“OnePath has boosted SMSFs by offering them life insurance under a group contract that was once only available to traditional super fund members,” he said. “This is a major leap forward for more than 30% of the super market.” 

Other winners included Asgard with its Personal Protection Package offering life insurance to homeowners.

The product is also available to SMSF trustees buying an investment property for the fund or a director if the purchaser is a company.

Mr Mickenbecker says selecting a product based on innovation was not easy.

“To be classed as innovative, a product or service should definitely be a first and perhaps open up a whole new market,” he said.  

He says the product or service also needs to have the “Wow” factor.