Upstage Supplies AI Solution 'OCR Pack' to Hanwha Life Insurance

[Asia Economy Reporter Yuri Choi] AI startup Upstage is supplying the optical character recognition solution ‘OCR Pack’ to Hanwha Life Insurance. OCR is a technology that reads text within images as text data and extracts data from desired items.

On the 1st, Upstage announced that it signed an ‘OCR Pack supply contract’ with Hanwha Life Insurance. Through this contract, Upstage will supply the no-code/low-code AI solution ‘OCR Pack,’ which efficiently processes five types of insurance claim documents including medical expense receipts, to Hanwha Life Insurance for the first time.

Upstage’s OCR Pack is a solution that can process various types of documents with a single click. It can reduce costs and time by up to 82% compared to the existing manual processing method. In actual tests on various documents such as Hanwha Life’s medical expense receipts and detailed calculation statements, the basic model alone recorded an accuracy rate of over 95%.

Kim Seong-hoon, CEO of Upstage, said, “We are pleased to supply OCR Pack to Hanwha Life Insurance, a leading domestic insurance company, for the first time,” and added, “Through the overwhelmingly powerful no-code solution OCR Pack, Upstage will help financial sector customers achieve digital and AI innovation and contribute to customer success.”

This content was produced with the assistance of AI translation services.