RBC Uses Promotional Risk Coverage to Offer Customers Chance at Big Cash Prizes

 

Canadians may be ensuring that they receive a mortgage loan if they stop by a RBC(R) Royal Bank of  branch location this spring and talk with a mortgage specialist.  It’s also the chance to win $250,000 toward a dream home that is motivating many of them to act

For the second year in a row, RBC is running the RBC Gold Key Giveaway promotion that offers consumers a chance to win big cash towards the purchase of a home.  To play for the $250,000 grand prize and 100 $2,500 prizes, consumers need only to stop by one of 1,100 locations throughout  or talk with a mortgage specialist. In exchange, consumers receive a Gold Key game code.  To find out if they are a winner, game code holders just
log on to the online game site, fill out a short survey and then enter their game code.  If the code matches one of the 101 predetermined codes, the consumer is a winner.

To offer the big money prizes while working within the bank’s budget constraints, Kaksha Mehta, Head of Marketing Channels and Transformation for RBC, obtained promotional risk coverage through Promotional Currency.  With promotional risk coverage, Promotional Currency calculates the odds of the promotion and then underwrites the promotional risk with its risk coverage partners– enabling businesses like RBC to offer a big money prize for much less than the actual prize value. 

“With a booming housing market in , competition is fierce. We knew the prize had to be compelling to motivate consumers to come to RBC instead of our competitors,” notes Mehta.  “The underwriting was critical because it allowed us to offer a much bigger prize than we could have otherwise, while enabling us to cap our costs.”