Here are some of the most common questions we get asked to help give you more information about our insured prize promotions and insurance packages. If you have any questions that have not been answered here, please don't hesitate to get in contact with our team.
An Insured Prize Promotion allows a business with a nominal marketing budget to run a promotion that offers an exciting, potentially life-changing prize by insuring the competition against a large prize payout.
Nationally there are over 60,000 promotions each year, so it’s important that you attract attention to your competition or event with a standout prize. Insuring your prize promotion is crucial for ensuring the success of your marketing campaign.
Contest Insurance enables even low-budget prize promotions to offer enticing prizes, ranging from new cars to million-dollar cash rewards.
Choosing the right prize promotion insurance indemnifies your business by safeguarding your contest from unexpected, large prize payouts.
Insuring your prize promotions with Prizetech allows you to set a fixed budget. Even if the prize is won multiple times, there is no financial risk to you.
By insuring your contest and limiting your cost you can then embark on an exciting promotion offering awesome prizes. These insured prizes help make sure your event is more exciting, more successful and leads to more sales, data capture or marketing exposure.
We can typically insure most prizes! Some of the prizes we’ve insured over the years include a million dollar prize in cash, luxury cars, boats, holidays and varied technology prizes.
Although we specialise in contest insurance, some promotions do not require insurance. An example is our “Safecrack Promotion” which operates like a real safe and requires the contestant to crack the combination to win prize. These won’t be insured. Or you might want a mix of insured and uninsured prizes.
There are many ways to run promotions, including have a mix of insured and uninsured prizes. You might start the prize promotion with uninsured lower value prizes and then move to insured prizes as the promotion evolves. This might change during the day for a single day promotion or over time for a longer term promotion. Or you can even run both insured and uninsured prizes simultaneously – the lower value prize is uninsured but easier to win. It creates yet another layer of excitement as the contestants have to choose which option they will try for.
It is best to discuss this with our team. Many variables including demographics, business area and the time of year can impact the success of your event. Because we specialise in contest Prize Insurance we can customise a marketing promotion to suite your business and budget.
Usually, we can have your promotion prize insurance active within 48 hours. As we work on an authority from Lloyds of London we do all probability insurance in-house. Prizetech provides the insurance, pre-draw facility to comply with state regulations, legal compliance, permits and even the draw technology.
If you have any problems with the promotion or draw we have a 24/7 help desk operating in Australia 365 days a year!
Your promotion can either have a single entrant who has the chance to win the big life changing prize or the promotion might result in many people having the chance to win the large insured sum. Some of the things you’ll consider when deciding between the two options are:
- How much time do you have for the draw?
- Where are you running the event, how much room do you have?
- If you are streaming or broadcasting or simulcasting the draw, how much time do you have?
- What will best appeal to your target customer?
Another consideration is what you’ve done previously, it can be awesome to vary the mix between single winners and a large number of entrants. Remember anything involving many winners needs you to have a good MC, this can in turn become a great feature as your venue can be packed on draw day / draw night creating a fabulous and memorable event for you.
We can tailor promotions to suit every budget starting from as low as $495 for simple online electronic draws. Generally our clients spend amounts from $2,000 upwards. Cost is driven by the value of the prize, the probability and the draw mechanism (what sort of draw insured draw event you want).
You can have the draw conducted at your own premises, your Agencies Offices, in our office or any other location. You can consider streaming the draws on a social media platform or recording them to upload to your website. Prizetech can also help you with broadcasting or streaming your draw (radio and social media).
This will vary based on your own circumstances. Sometimes it’ll be one day (especially major sports in stadia promotions) while some will run a full year. Most Club and venue promotions run for 8-12 weeks while financial institutions and builders tend to run promotions for 6+ months.
Yes, Prizetech can arrange your Terms and Conditions as well as the permits if you are promoting in those states needing a permit.
Yes there are, you need to have Terms and Conditions, in some states or territories you also have to have a permit. Queensland, Victoria and WA generally don’t require permits.
NSW & ACT usually take 3 to 5 days to issue a permit. South Australia can take up to 2 weeks. But time frames will vary based on the time of year, they can take longer at peak times.
Permit obligations are simple, if you accept entries from residents of permit states you must get a permit from that state. So in this example the West Australian promoter will need a South Australian permit.
Usually you’ll have these within a couple of days. If your promotion is more complex it may take a little longer but we always try to have these completed within 2 business days.
You need to read through the terms and make sure all dates, entry conditions and addresses are correct. This is really important as the T&C's can’t generally be altered once you start your insured promotion.
No, in most cases this won’t be permitted.
There are strict obligations on the promoter, you have to follow the regulations in your state. If you’re experiencing any issues or problems contacting your winner you should consult your lawyer to ensure you’re compliant with the regulations.
Before conducting the new draw, the Promoter should take reasonable steps to contact the person originally drawn. Specifically, the promoter should email, call and send a letter using registered post.
The correspondence should include a line “Please reply to us via [method] within 5 business days. Please note that if we do not hear from you via this method we will conduct a new draw and you will not have any claim to further participate in the competition.
If you have a permit for the promotion you are running you will need to apply for an amendment to your permit.
Regulations require each entry to have an equal chance of winning with the draw being random. You should video this draw which is useful if your draw is ever challenged.
You will receive a phone call and an email from the supervisor in the lead up to your draw date.
Prizetech recommends you use a marketing specialist. We have some limited marketing materials available for purchase, please ask our team about these if you are interested.
Yes, you need to have the condense T&C’S on your promotional work. Prizetech recommends they are always available on your website too.
No, this is confidential and can’t be publicly disclosed. You can of course share the details with your professional advisors, Agency and the like.
No, once the policy is in place it cannot be cancelled. The procedures here are quite strict, generally you can’t discontinue a promotion or vary the details.
In extraordinary circumstances Prizetech can defer the allocated time of the draw. An option is to ensure you have a mobile phone hot spot or portable wireless device as a backup on draw day.
You must have a secure WIFI connection to operate the safes. If you don’t have a WIFI connection at the location you are doing your promotion at you should visit your local electrical store or phone retailer to buy a portable WIFI router. The data from each entry is then stored in our secure cloud, at the end of the promotion you’ll receive the details of every entry and the correct combination.
You will receive an automated email from Prizetech as soon as your promotion concludes. It’ll include every entry attempt as well as the winning code so you can share this with all contestants.
Yes, if the prize is won then you want to continue your promotion you need to contact Prizetech to purchase a further technology licence. This is quite a simple process, our team can assist with this.
If you put a written request to Prizetech staff we can change the number of cards in the game. We can offer a draw till you win with 50 cards instead of 40. This helps reduce the price of insurance but lets you keep the same prize level. The probability is the main pricing mechanism.
Our Prizetech draw till you win boards are standard inclusions but you do not have to use them. You are more than welcome to make your own board for your promotion or event if you prefer.
