2023/10/25

• Upstage Document AI achieves 95% recognition rate for 7 types of Samsung Life documents... highest level in the industry

• Supports work and labor efficiency by automating some documents and requiring minimal inspection

• Utilizing pre-learning models, ensuring highest accuracy even with minimal data learning costs

(Upstage = 2023/10/25) The financial-specific AI optical character recognition (OCR) solution supplied by AI startup Upstage to Samsung Life Insurance, Korea's No. 1 life insurance company, achieved the highest accuracy in the industry and achieved the highest level of difficulty in document automation. It was also evaluated by the insurance industry as having achieved document automation.

Upstage (CEO Kim Seong-hoon) announced that its representative AI OCR solution, 'Document AI', which it supplied to Samsung Life Insurance in April, achieved a high accuracy of over 95 points on average in document recognition rate.

UPSTAGE AND SAMSUNG LIFE INSURANCE VERIFIED THE OCR RECOGNITION RATE ON 7 TYPES OF INSURANCE CLAIM DOCUMENTS, INCLUDING MEDICAL RECEIPTS, AND ACHIEVED AN AVERAGE ACCURACY OF 95%, SIGNIFICANTLY EXCEEDING THE ORIGINAL TARGET OF 90%.

OCR IS AN AI TECHNOLOGY THAT EXTRACTS CHARACTERS IN IMAGES INTO TEXT DATA. THE LEVEL OF DIFFICULTY VARIES DEPENDING ON THE TYPE OF IMAGE, AND PROCESSING INSURANCE DOCUMENTS IS CONSIDERED THE MOST DIFFICULT. IN THE CASE OF MEDICAL FEE RECEIPTS, THE DOCUMENT FORMAT VARIES GREATLY FROM HOSPITAL TO HOSPITAL AND CONTAINS A LOT OF UNSTRUCTURED DATA SUCH AS HANDWRITING, REQUIRING SOPHISTICATED RECOGNITION TECHNOLOGY.

FOR THIS REASON, MOST THIRD-PARTY OCR MODELS, WHICH USUALLY CONVERGE TO THE 80S, REQUIRE HUMAN INSPECTION OF DOCUMENTS. HOWEVER, IN THE CASE OF THE UPSTAGE MODEL, WHICH SCORED IN THE MID TO HIGH 90S IN A TEST WITH SAMSUNG LIFE INSURANCE, ONLY ABOUT 4% OF THE ITEMS REQUIRED ACTUAL HUMAN CORRECTION, DEMONSTRATING THAT A SIGNIFICANT PORTION OF IT CAN BE AUTOMATED.

Additionally, the versatility of the model was largely responsible for the high scores. Upstage Document AI can process various types of documents by additionally learning new data based on a pre-learning model. In this collaboration with Samsung Life Insurance, Upstage used Samsung Life Insurance data only for pharmaceutical receipt items, and ran only the basic model for the remaining six types of documents, recording an average recognition rate of over 95%.

In addition, it received attention by accurately recognizing images with tilted angles, wrinkles, and shadows. Recently, as the demand for processing documents taken with smartphones has increased, Upstage's technology that accurately extracts text from high-definition images taken in various real-life environments has stood out.

THROUGH THIS COLLABORATION WITH SAMSUNG LIFE INSURANCE, UPSTAGE HAS ESTABLISHED A SUCCESS STORY IN AUTOMATION IN THE INSURANCE DOMAIN, WHICH IS CONSIDERED DIFFICULT. THIS ACHIEVEMENT PROVES THAT IN THE FUTURE, AI OCR CAN BE EASILY IMPLEMENTED TO IMPLEMENT TASK AUTOMATION NOT ONLY IN THE FINANCIAL SECTOR SUCH AS BANKS, BUT ALSO IN VARIOUS INDUSTRIES SUCH AS TRADE, DISTRIBUTION, AND EDUCATION.

Samsung Life Insurance announced that with the introduction of Upstage Document AI, it has been able to automate the entire process from data input to screening and insurance payment, creating an environment in which prompt payment is possible even in a situation where insurance claims are rapidly increasing and providing uniform service at all times.

Upstage's AI OCR technology is already recognized as the best in the industry. Upstage has presented numerous papers at international AI conferences such as NeurlPS, AAAI, ACL, and EMNLP, and recently won four awards at the world's most prestigious AI OCR competition hosted by the International Conference on Document Analysis and Recognition (ICDAR). swept away

In the future, Upstage plans to strengthen cooperation with Samsung Life Insurance and further expand the scope of OCR application, including expanding insurance claim documents. Upstage Document AI is already being introduced in various industries, including POSCO Holdings, Samsung SDS, and HD Hyundai Global Service, as well as financial institutions such as Samsung Life Insurance and Hanwha Life Insurance.

A Samsung Life Insurance official said, “Through this collaboration with Upstage, we have strengthened the insurance payment service, which is the core value of insurance,” and added, “We will continue to make efforts to innovate the customer experience by utilizing various digital technologies.” .

KIM SEONG-HOON, CEO OF UPSTAGE, SAID, “WE ARE PLEASED TO HAVE UPSTAGE’S WORLD-CLASS AI OCR TECHNOLOGY RECOGNIZED IN COLLABORATION WITH SAMSUNG LIFE INSURANCE, KOREA’S NO. 1 LIFE INSURANCE COMPANY.” HE ADDED, “IN THE FUTURE, UPSTAGE WILL PROVIDE AI SOLUTIONS SPECIALIZED IN VARIOUS DOMAINS, NOT JUST FINANCE, TO HELP COMPANIES “WE WILL SUPPORT DIGITAL TRANSFORMATION,” HE SAID.

Meanwhile, Upstage Document AI is a total AI solution that extracts letters and information from documents in various image formats and digitizes them. It reduces costs and time by up to 82% compared to manual processing methods, and with a pre-learning model, performance can be secured even with only one-fourth of the data compared to other companies. It supports two methods: 'Personal', which can be easily used in the cloud in the form of an API, and 'Enterprise', which provides a domain customized interface according to corporate requirements.

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