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.