David Sarkis
iExtend has been named Winner – Innovation of the Year – Life Insurance in the 2026 WeMoney Innovation Awards.
iExtend CEO David Sarkis said the award, iExtend’s second this month, recognises the business as a leader in life insurance innovation.
“The WeMoney award reflects our ongoing commitment to advocating for the consumer and developing practical innovations that respond to the changing life insurance needs of everyday Australians,” he said.
Launching to market in 2022, iExtend introduced a new option for eligible policy owners who have decided to cancel or reduce their life insurance cover due to rising premiums. Through its Life Co-Ownership Arrangement, iExtend pays ongoing premiums on the cover and the policy owner’s beneficiaries share in the proceeds of any future claims.
“Without that option, a policy owner who cancels their cover walks away with nothing, despite sometimes paying premiums for many years. Their beneficiaries also receive nothing when the former policy owner subsequently passes away,” Mr Sarkis said. “Our model offers a real alternative that allows them to retain some of the benefit of their cover without having to pay ongoing premiums.”
Mr Sarkis said iExtend’s innovation was the result of challenging long-held assumptions, rethinking established life insurance models and finding another way to deliver value for consumers.
“Innovation requires a willingness to question established thinking and consider whether there might be a better way,” he said. “For us, the measure of meaningful innovation is the difference it makes for consumers.”
Mr Sarkis said iExtend will continue to work with financial advisers and partners who share its commitment to positive change and identify practical ways to enhance trust and confidence in life insurance, creating opportunities for greater consumer participation and fostering sustainable industry growth that enables insurers and iExtend to invest, innovate and better serve consumers.
“We look at where greater choice, more flexibility or new thinking can improve consumer outcomes – and we’ll continue to do that,” he said.
The WeMoney award follows iExtend being named Innovator of the Year – Insurance at the 2026 Australian Wealth Management Awards.
“Receiving two independent awards, one consumer-focused and the other industry-based, is a fantastic endorsement that we’re on the right path and that the work of the iExtend team is making an impact,” Mr Sarkis said.
