(Yicai Global) Jan. 8 -- PandaIns, an online auto insurance services provider, plans to develop a claims settlement system and boost research and development after securing financing worth CNY50 million (USD7.69 million)

The A+ round of funding was led by China Fortune Investments Ltd., Hangzhou Shenghui Investment Co. and Guangzhou Suiyong Original Investment Management Co., PandaIns founder Wang Gang said yesterday, news site 36Kr reported.

Operated by Beijing Yite Chuangsi Technology Co., PandaIns provides web interface systems for 16 insurers, including Ping An Insurance Group Co., China Pacific Insurance Group Co. and China Life Insurance Group Co. It offers insurance and business management products, and also assists intermediary agencies and automotive aftermarkets in attracting new customers.

PandaIns mostly derives revenues from system service fees, insurance commissions and auto aftermarkets. The total volume of daily transactions on its platforms is CNY10 million with total monthly premiums of over CNY300 million.