Debtfree Magazine November 2017

Can you tell us a
little about yourself
(your background)
and how you came
to found Meerkat?
I had been a product designer for
Old Mutual for nearly 20 years,
leading the team that delivered the
Old Mutual products to the market. I
felt that there was an opportunity for
a business to be more client centric
and to help customers do more with
their money. Meerkat will deliver a
range of simple new products to
the market to fulfill that vision. The
credit protection product offering is
the first insurance product. We are
keen to partner with debt counsellors
to enhance the debt review process.
We feel that there is an opportunity
to add value through insurance
expertise and enhanced DC support
such as reporting etc.
Why do consumers
need insurance
cover while under
debt review?
The NCA allows Credit Providers to
insist that the obligation is covered by
credit life insurance, as a condition
of the loan. Some credit providers
persist with their credit life through
the debt counselling process, some
do not. This will cause uncertainty
for the customer. Meerkat believes
that insurance is important as it
gives the client peace of mind that
all their debts will be settled. This
is especially important for “living”
benefits, such as retrenchment or
being diagnosed with an illness such
as cancer. If the client is unable to
meet the monthly payment, through
illness, then the CPs will terminate
the plan, and that will add to the
problems of the already ill client.