Internet companies are finding it increasingly attractive to team up with insurers to sell policies online, where existing customer bases and "big data" will help fuel growth for both.

The partnership between Taobao.com, China's largest customer-to-customer online marketplace, and Allianz China Life Insurance Co Ltd to sell full-moon insurance for the coming mid-Autumn Festival, is just one example of how the Web is transforming an industry known for its conservative business model and high barriers to entry.

Customers who are concerned about not seeing the moon during the holiday can purchase a policy that compensates them if clouds obscure the sight and sour their celebrations.