IAG has won an award for innovation in the annual Australian Business Awards, while Budget Direct has received a gong in the “best value” category for its comprehensive car insurance policy.

The IAG “continuous improvement idea management process” was developed after an analysis of direct insurance revealed there was no systematic way of managing change and improvement ideas.

Budget GM John Dujmovic says the judges recognised the insurer’s “real cost savings and significant point of difference from its competitors”.

“The award acknowledges Budget Direct as an industry leader for the creation and development of an outstanding service and exceptional value for money,” he said.