An insurtech that took part in Agile Underwriting Services’s incubator program for promising start-ups has won top honours at a global innovation contest.

Sydney-based UpCover took home the Insurtech title at the annual Innovation in Insurance Awards organised by consultancy Accenture and Paris-based Efma, a non-profit body for the insurance and banking industries.

The business beat the competition with its mobile insurance app for gig economy workers. The app, which takes the name of the company, offers pay-as-you-go insurance and healthcare benefits for gig workers.

“Workers can purchase coverage suited to their type and duration of work, providing an affordable solution for those who need it most,” Accenture and Efma said of the product.

UpCover is one of seven winners from this year’s competition and the only one from the Australasia region.

Agile, the security provider for the pay-as-you-go product, says winning the award marks “another milestone from the impressive team” at UpCover.

UpCover says it is the first in the country to offer tailor-made insurance for gig economy workers.