Estonian fintech company Iute Group has partnered with international insurance companies Allianz Partners and GrECo. The goal of the collaboration is to offer digital, everyday-use insurance solutions in Iute’s target markets.
As a first step, Iute launched the region’s first fully digital insurance brokerage service in Albania in February. This service allows customers to manage loan insurance, disability and health insurance, and claims handling directly from their smart devices.
“Insurance brokerage is not a side business for us – it’s a strategic part of Iute’s service ecosystem. Sales have exceeded expectations, and customer reception has been very positive,” said Allar Niinepuu, co-founder and Chief Commercial Officer of Iute Group.
“Together with Allianz Partners and GrECo, we’re offering customers practical, everyday protection – all delivered fully digitally. This is a clear step forward in our vision to provide essential financial services quickly, simply, and securely,” he added.
The solution combines several types of insurance into one service: in addition to traditional loan insurance, it includes job loss protection, discounts at private clinics, and the option to receive a second medical opinion on diagnoses and treatment plans. Insurance coverage is provided by Allianz Partners, and the technical solution was developed by GrECo Affinity Solutions. All operations – activating coverage, managing documents, and submitting claims – take place in the Myiute mobile app, completely paper-free and in real time.
During a March meeting in Tirana, Iute, Allianz Partners, and GrECo confirmed their plans to continue developing insurance services and expand to additional markets, with North Macedonia next in line.
“The success of our joint product has created a strong foundation for deepening our cooperation and developing new products in other Balkan countries,” Niinepuu noted.
The insurance brokerage business line is growing rapidly – in 2024, Iute earned twice as much revenue from this area as in the previous year, making it one of the company’s key strategic fields.
Background
Iute Group is a fintech company founded in Estonia in 2008. Its banking group subsidiaries offer instalment loans, payment services, investment opportunities, and banking and insurance services. Iute operates in Moldova, Albania, North Macedonia, and Bulgaria. The company finances its loan portfolios through equity, deposits, and secured bonds listed on the Frankfurt Stock Exchange and Nasdaq Baltic Main List. Since 2023, Iute has been the main sponsor of the Estonian National Symphony Orchestra.
Allianz Partners is part of the Allianz Group and provides insurance and assistance services in more than 75 countries, focusing on health, mobility, travel, and home solutions.
GrECo is the largest independent insurance broker in Central and Eastern Europe, offering tailored insurance and risk management solutions for corporate clients. GrECo Affinity Solutions specializes in developing digital insurance solutions in collaboration with international partners.