The system, called U-Choose, goes live at midnight tonight via the website u-choose.net and is supported by a call centre where advisors will handle bookings and logistics for travel redemptions.
The service will provide participants with a range of holidays and experiences, including Ferrari racing at Silverstone, helicopter rides and romantic weekends.
U-Choose is being launched in response to growing demand in the corporate sector for individual rewards, according to Nigel Cooper, divisional managing director for the events and communications division of P&MM's parent company Motivcom.
"Individual reward schemes will be a growth area in the next five years," said Cooper.
However, he does not see the growth of individual rewards as a threat to the traditional group incentive market. "We see it as a complementary offering," he said. "There will be a market for all products all the time."
He added: "By giving staff the opportunity to choose the exact kind of experience, hospitality or travel they really want, we are able to offer an incentive reward that is guaranteed to appeal."