Insurance products that reward policyholders’ positive behaviour have won plaudits in this year’s Canstar Innovation Excellence Awards.

QBE’s Insurance Box offering, featuring a telematics system that transmits data on vehicle usage, is among the winners. The product allows safer drivers to earn lower premiums.

AIA’s Vitality life insurance scheme has also won an award.

Program members must meet personal health goals to unlock rewards from the insurer’s travel, retail and entertainment partners, plus lower premiums.

The two products “go outside insurers’ standard approaches by offering an additional layer that can really help younger people in particular obtain lower premiums”, Canstar Research Manager Mitchell Watson told insuranceNEWS.com.au.

These products remove “clunkiness” from the insurance process, he says. “Insurers often get a bad press because consumers don’t always understand the terms and conditions, so anything insurers can do to make them further understand is a step forward.”