The retailer has found that buyers of milk and red meat are better insurance risks than those who put pasta, rice, and liquor in their trolleys.
It is using this data to directly target existing customers with insurance offers, rather than casting a wide net with traditional advertising campaigns.
Woolworths Insurance has a range of offers, including car, home, comprehensive, travel, and even insurance for the family pooch.
Speaking at Southern Cross Austereo’s Engage Live event, Woolworths director of group retail services, Penny Winn, said the data breakthroughs are exciting.
“I rarely see actuaries get excited, but they were very excited about what we found because it was so statically significant,” she said.
“Customers who drink lots of milk and eat lots of red meat are very good car insurance risks versus those who eat lots of pasta and rice, fill up their petrol at night, and drink spirits.
“We’re able to tailor an insurance offer that targets those really good insurance risk customers and give them a good deal via direct channels instead of above the line [advertising].”
Woolworths took a 50 per cent stake in data analytics firm, Quantium, earlier this year, leading to its improved shopper research capabilities.