Upstage Supplies Financial AI Solution ‘OCR Pack’ to Samsung Life Insurance

Upstage announced on the 28th that it will supply its finance-specialized artificial intelligence (AI) solution, ‘OCR Pack,’ to Samsung Life Insurance.

Upstage has signed an ‘OCR Pack supply contract’ with Samsung Life Insurance. Upstage will provide its AI solution ‘OCR Pack’ to Samsung Life Insurance to automate seven types of insurance claim documents, including medical expense receipts.

Upstage’s OCR Pack features an easy-to-use UI (user interface) that allows processing various types of documents with a single click. Compared to the existing manual processing method, it can reduce costs and time by up to 82%. It can cut the cost of developing and operating OCR models by financial companies to one-tenth, and by providing pre-trained models, it can achieve performance with only one-quarter of the data compared to the general models of global competitors.

Upstage expects that through this collaboration with Samsung Life Insurance, the adoption of OCR Pack across the financial sector, including banking and insurance, will become more active. Upstage is also developing a recommendation AI Pack and is collaborating with Brandi, LG Uplus, Amorepacific, and others.

Kim Seong-hoon, CEO of Upstage, said, “We are pleased to supply OCR Pack to Samsung Life Insurance, the number one life insurance company in Korea,” adding, “Through OCR Pack, which has proven world-class technology with achievements such as winning four awards at ICDAR, Upstage will support digital and AI innovation for financial sector customers and contribute to their success.”

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