Offer Higher Value Prizes with Insured Prizes.
Prize Insurance allows you to offer great prizes at a fraction of their actual cost.
The Promo Team have been delivering insured prize promotions since the 1990’s and it has grown in popularity with each passing year.
We have our own insurance brokerage, offering the most competitively priced policies underwritten by Lloyd of London, the most secure insurance market in the world.
Over the years, we have given away many great prizes underwritten by our insurers.
We have provided prize insurance for many top brands such as News Corp, Channel Ten, P&O Cruises, Parmalat, Hawthorn Football Club, Bingle, Shop a Docket and the West Australian Newspaper.
HOW WE DO IT
Prize insurance promotions are an innovative marketing strategy that brands leverage to boost sales and enhance the perceived value of their prizes without bearing the full financial risk.
This approach allows companies to offer large, attention-grabbing rewards to consumers, which can significantly increase participation in promotions, contests, or sweepstakes. The mechanism behind prize insurance is relatively straightforward yet highly effective for brands looking to make a big impact.
HOW WE DO IT
When a brand decides to run a promotional event featuring a high-value prize, such as a luxury car, dream vacation, or substantial cash reward, they partner with a prize insurance provider.
Instead of purchasing the prize outright, the brand pays a premium to the insurer, which is calculated based on the value of the prize and the probability of a participant winning it. If the unlikely event of a win occurs, the insurance company covers the cost of the prize.
HOW WE DO IT
This model provides a win-win situation for brands.
On one hand, they can market their promotion with a high-value prize, dramatically increasing consumer interest and engagement, potentially leading to a surge in sales. On the other hand, they mitigate financial risk, as they’re only responsible for the insurance premium, which is a fraction of the prize’s value. Prize insurance promotions thus enable brands to create buzz and excitement around their products while effectively managing costs, making it an attractive strategy for driving sales and enhancing brand visibility.
Don’t take our word for it
“I have worked with several promotional insurance companies during my 20 years in marketing. The Promo Team has always delivered well organised promotions, creative mechanics and well priced premiums”