Iute Group launches Iute Affinity: insurance integrated into digital banking

Iute Group, a digital banking group operating in Southeast Europe, has established a new subsidiary, Iute Affinity, specializing in insurance and operational management solutions. The goal is to make protection a central element of the digital banking ecosystem that Iute offers its customers on a daily basis. Alma Ribanovic has been appointed CEO.

Allar Niinepuu, Commercial Director and co-founder of Iute Group, explained that with the launch of Iute Affinity, insurance will be available directly within the Iute app, without the need to rely on external providers.

“Iute Affinity was created to offer fully digital and personalized insurance solutions through the Myiute app, both for our customers and those of our partners, through direct partnerships with leading global insurers and service providers such as Allianz Partners, UNIQA, and MediGuide,” Niinepuu noted.

He added that, although Iute has operated as an insurance broker in recent years, bringing affinity insurance expertise in-house supports the company’s ambitious plans to become a full-service digital bank.

Iute Affinity does not operate as a traditional insurer. The subsidiary helps integrate insurance into Iute’s existing services, whether it involves health, property, or other types of coverage. Customers no longer need to go to other providers: claims and support are managed within the Iute ecosystem, ensuring faster resolution, clearer communication, and a consistent level of trust in the brand.

“People don’t see insurance as a standalone product. They think in terms of everyday moments—paying bills, traveling, or shopping—and want everything to work smoothly and without stress. Iute Affinity helps transform insurance into a natural part of these moments, integrated into the digital journey rather than added as an afterthought”, said Ribanovic.

Alma Ribanovic will lead the new subsidiary, bringing with her over 20 years of experience in banking, insurance, and strategic partnership development, with a strong focus on affinity insurance, bancassurance, and embedded insurance solutions.

Iute Affinity will operate as an integrated part of the Iute Group, working closely with the commercial, technology, risk, and compliance teams. This ensures that insurance solutions will adhere to the same standards of transparency, discipline, and customer focus that Iute demands for its core digital financial services. In the initial phase, Iute Affinity will support the markets where Iute Group already operates, collaborating with international insurance and service providers. To accelerate innovation, the subsidiary will form partnerships with various insurtechs that bring specialized capabilities, ranging from digital underwriting and claims automation to fraud detection and data analytics.

The long-term vision is for Iute Affinity to become a leading insurance solutions platform, supporting not only Iute but also other digital ecosystems.

“Beyond traditional insurance players, we are open to collaborating with a wide range of strategic partners where B2B2C models make sense. This includes platforms, service providers, manufacturers, marketplaces, and other ecosystem players looking to integrate insurance or protection into their own customer journeys”, explained Ribanovic.

Ribanovic noted that the product portfolio will continue to expand. The first launch will be a subscription-based travel insurance solution, complemented by additional health services. At the same time, Iute Affinity will develop a new payment protection insurance offering, available in Moldova and Bulgaria.

Iute Group is a digital banking group focused on everyday financial services in Southeast Europe. Founded in 2008 and headquartered in Estonia, Iute serves customers in Albania, Bulgaria, Moldova, North Macedonia, and Ukraine. Through the Myiute app and its local operations, Iute offers digital financial services, including payments, banking, financing, and insurance brokerage. Iute Group finances its operations through equity, deposits, and covered bonds listed on the Frankfurt Stock Exchange’s Regulated Market and the Nasdaq Baltic Main List.