Woolworths has bought a 50% non-controlling interest in data analytics company Quantium, in a deal that may be good news for insurers.

The “globally unique” tie-up gives Quantium access to Woolworths’ “de-identified” shopping data and lets the retailer tap into analytical, media and software services.

Quantium provides a range of insurance consulting and actuarial services. At present it works with IAG, Suncorp, Allianz and Wesfarmers Insurance.

The deal could be good for them, Quantium director Tony Davis says.

“We are hoping we can provide some additional benefit to all our clients from the access we are getting to the Woolworths data, although we are not quite sure what that looks like yet,” he told insuranceNEWS.com.au.

Woolworths will not have privileged access to Quantium data, client projects or results and is fully committed to meeting client confidentiality, data security and privacy regulations, a company statement says.