We recently sat round the table at GUARDHOG HQ to discuss how we deal with the Chancellor’s decision to raise insurance premium tax (IPT) by 20% from June 1st 2017.
It wasn’t an easy meeting. But GUARDHOG is all about trying to be better – and we think that this means being different. But we’re not going to do something just because it’s different… we’re going to do it because being different makes us better.
So, at the end of the meeting, we asked, “Hands up in favour of wearing this one ourselves?”. Everyone put both hands up (we get to vote with two hands at GUARDHOG). And that’s why we’re not passing the Chancellor’s 20% IPT tax rise onto our customers. Any questions? Here are the answers…
Q Does GUARDHOG have to do this?
A: No, we don’t. But it’s really empowering that we get to decide what we can do: it means we’re able to be different – and better.
Q: Is absorbing the rise going to make customers trust GUARDHOG?
A: Probably not on its own, because trust takes time to build. But this is a great opportunity to put a building block in place and proactively build trust outside of the normal insurance channels (i.e. only when a claim happens).
Q: What would the sharing economy want GUARDHOG to do?
A: Take a sensible decision that’s based on all our different stakeholders but overall benefits our community of users. And that’s what we’re doing. We love the impact that we’re having on the sharing economy and we understand the high standards that being a member of this community holds us to. For us, the sharing economy highlights everything that is awesome in human nature, and we want to be recognised as a central, independent pillar in helping and supporting people willing to share.
Q: Does GUARDHOG always put the customer first?
We certainly do. In fact, whenever we have a team meeting we always have a member of our team acting as a GUARDHOG host. Their job is to put themselves in our hosts’ shoes – and if they don’t like something we say, discuss or suggest then they get the floor to explain why.
Q: Why is trust so important to GUARDHOG?
Because it’s at the heart of any long-term partnership. Yes, cheesy – but it’s true. We know that trust does not get grown on trees: you have to nurture it with openness, honesty and transparency. We know that insurance and trust go together like chalk and cheese and we’re determined to try and change that. Not passing the IPT tax rise onto our customers is a step in that direction.