Alibaba-backed online insurance company becomes nation's first

China's first online insurance firm, backed by the country's leading Internet companies and insurer, has completed its industrial and commercial registration in Shanghai, based on hopes that the existing customer bases and "big data" will fuel business for the virtual venture.

Co-founded by Alibaba Group Holding Ltd, Tencent Holdings Ltd and Ping An Insurance (Group) Co of China Ltd, Zhong An Online Property Insurance Co was all set to go by wrapping up its business registration on Oct 9, becoming the first completely online entrant in China's 1.55 trillion yuan ($253.5 billion) insurance sector.