Feasibility memorandum · for Keet
Keet — the instrument we could build, if we choose to.
A digital-native fleet service plan, built on the cashflow logic of an insurance pool, anchored by a telematics partner, and named after the man whose quiet expertise makes it possible.
Why Keet, why now
Standard Bank's Fleet 360 service plan division demonstrated that fleet operators will pay a monthly premium for predictable servicing costs. But Fleet 360 is captive to a bank, slow to innovate, and priced without telematics data.
The opportunity: build a standalone, digital-native service plan company that uses real-time vehicle data to price risk more accurately, settle claims faster, and compound the float more aggressively.
The market
The addressable market is large and underserved. Most fleet operators self-insure their maintenance risk — paying as they go, with no predictability and no investment return on idle premiums.
Incumbents & gaps
The competitive landscape includes Maps Innovation Group, Motorite, Eqstra, Standard Bank Fleet 360, OEM captive plans, Ctrack, and specialist UMAs. Each has structural limitations — captive distribution, legacy IT, no telematics integration, or limited geographic reach.
The Ctrack anchor
Ctrack provides real-time telematics for over 1 million vehicles across Africa. Partnering with Ctrack gives Keet something no competitor has: live engine hours, GPS-verified service events, and usage-based pricing data from day one.
Unit economics
| Line | Per truck / mo | % |
|---|---|---|
| Gross premium | R 3,500 | 100% |
| Service spend (claims) | R 2,275 | 65% |
| Operating expenses | R 525 | 15% |
| Float yield | R 70 | 2% |
| Net margin | R 770 | 22% |
Regulatory path
A service plan is not insurance. It is a maintenance contract — a promise to service a vehicle in exchange for a fixed monthly fee. No FSP licence is required for Phase 1. As Keet layers insurance adjacencies (Phase 3+), a UMA or binder arrangement with a licensed insurer provides the regulatory framework.
Risks, honestly named
The ask
“If we build this right, we create a compounding machine — premiums flow in, claims are managed with data, the float earns yield, and every month the pool gets stronger.”
This memorandum is an invitation to explore, not a commitment. The next step is a conversation.