Product profiles
Prize Indemnity
Many people are unaware that most prizes and competitions advertised in the media or played at half time at sporting events, are probably insured.
As companies, sponsors, promoters and marketing organizations seek more innovative ways to promote their campaigns this kind of promotion is becoming increasingly popular.
Combining cash with fun is a successful formula that can be geared to achieve various aims. Promoters may want to create product awareness or motivate attendance to an event. Businesses may want to encourage people to visit a new location, test drive a new product or visit their web site.
A key aim of Austagencies SSR is to add value to our underwriting service by providing assistance in the planning of competitions and prizes.
Often a client may want to offer a prize of a certain value but is unsure how best to maximize the impact. Austagencies SSR is happy to provide ideas on what's available within the client's budget and can help to fine tune promotions to gain maximum effect.
The best way to approach this task is to first consider what the client hopes to achieve. It could be to raise their profile, increase attendance, improve their image, create product awareness or simply to add value. A popular prize value is $1million but Austagencies SSR has been involved in prizes of up to $40million.
The possibilities for competitions and prizes are endless and can be tailored to suit almost any business. The most important thing to consider is what is the aim of the competition?
Every prize is different and the information required and premium will vary but in every case the prize must be reasonably difficult to win and the competition must be measurable. In most cases an independent supervision will be required.
For some examples of competitions and promotions that Austagencies SSR has insured, please refer to Risk Examples. For an idea of the information required to quote, please refer to the proposal form in Forms & Wordings.
Hole in One
The most common form of Prize Indemnity is Hole in One competitions held at various golf events. These can range from corporate golf days to major professional tournaments
Bonus Incentive Indemnity
For sponsors and managers it's common to motivate individual players and teams by offering a bonus for top performance. For managers, a bonus can often be the difference between losing or retaining a key player for the next season.
A sponsor has an obvious interest in increased performance as it provides greater exposure and a higher profile. Large bonuses can also create publicity in themselves together with the added kudos for the sponsor.
Bonus Incentive Indemnity protects these bonuses, making it financially viable for a sponsor to offer a large sum of money as an incentive, without the risk.
Death & Disgrace
Sometimes, the marketing for an Event, Conference of Product Launch may feature or centre around a certain Personality, Sportsperson or Celebrity.
This person will have been chosen because of certain well known qualities such as integrity, honesty or popularity. In all cases it is the public opinion and perception of this person that will bring people to an event or give credence to the marketing.
Often a large amount of time and money will be invested into a campaign that could be jeopardized in the final stages. A number of events could seriously effect public opinion or make it unethical or insensitive for the Event, Conference or Product Launch to go ahead.
For example the contacted person could be involved in:
- A serious or fatal accident
- An act that contravenes Public Decency
- Criminal or Illegal activities
- Drug or Alcohol offences