We have already covered the grammar for this phrase, and the usage can be understood with a direct translation because we have similar expressions in English (“even if I say” or “although”). The phrase is used to caveat a fact that you state in the prior clause, ensuring the listener does not overestimate the situation.
彼が社長だといっても会社には社員が三人しかいません。
He might be a CEO, but the company only has three employees.
日本語ができるといってもまだ漢字を読んだり書いたりすることができない。
I might say I can speak Japanese, but I cannot yet read or write kanji.
春だといっても、まだ寒いです。
Even though they say it’s spring, it is still cold.
Note that in most cases we can form a similar expression just by using “but” (が or けど) as a conjunction. However, といっても carries the specific nuance that you are qualifying the prior statement rather than strictly contradicting it.