Qantas has acquired a 51% stake in analytics and actuarial consulting business Taylor Fry.

The deal will expand Qantas Loyalty’s data and analytics capability and provide a “complementary adjacent revenue stream”, the airline says.

As well as its data analytics business, Taylor Fry provides actuarial services to general insurers, self-insurers and accident compensation schemes.

Last year it won the service provider category in the Australian Insurance Industry Awards.

Senior Actuary and director Win-Li Toh says Taylor Fry will be run as a separate business and retain its name, branding and premises.

“There was very strong support from Qantas that we maintain our independence and culture and for us to continue the actuarial side of our business,” Ms Toh told insuranceNEWS.com.au.

“There’s quite a lot of strategic significance for both of us in coming together.

“There are some great synergies: Qantas has a lot of experience in harnessing data and marketing services, which combines with our analytical expertise.

“We also do data analysis for large insurers, so they will see quite a lot of benefit from this coming together. It definitely gives us a superior offering.”

Although Qantas Loyalty is best known for its frequent flyer program, divisional CEO Lesley Grant says in recent years the airline has diversified into the broader loyalty and marketing services industry.

“As part of our growth strategy we are pursuing opportunities to work in the emerging industry of Big Data and data-driven customer insights… [we] consider this an area of great potential for our business,” she said.

Taylor Fry was formed in 1999 and recorded revenue of $12 million last financial year. Neither Qantas nor Taylor Fry has disclosed terms of the acquisition.

Qantas is not the first corporate giant to diversify into Big Data analytics.

In 2013 Woolworths paid $20 million for a 50% non-controlling stake in analyst Quantium, which has since tripled its revenue.