£3,000 will go to the winner, while the runner up will be awarded £1,500 to bring their ideas to life.
For several years projects from relieving alcohol abuse, midwifery and memory issues have benefitted from the funding from the local insurance firm.
Last year the top prize was scooped by Ruby Harrild-Dunbar who used the cash to improve sexual health education and clinical work for young people who may not engage in services.
Mark Marshall, Managing Director of Insurance Corporation, said they have been “astounded and amazed” by projects which have come forward thanks to the bursary.
“The knowledge and talent within HSC are incredible, and it’s exciting to see the innovative ideas that frontline workers bring forward. The application process is thrilling due to its unlimited scope, making the judging process extremely challenging,” he said.
Entries are welcomed from projects of any size with multiple submission accepted, which can be made through the company’s website.