2/1/2023

• Upstage and Hanwha Life Insurance signed a supply contract of OCR Pack on Feb. 1, leading AI innovation in the financial sector

• With its unmatched recognition rate of 95%, OCR Pack minimizes manual verification process and ensures fully automated documentation for digital innovation

• "Upstage is commited to support financial clients in digital, AI progress through our most powerful, no-code AI solution"

(Seoul, Feb. 1, 2023 /Upstage) Upstage, Korea’s leading AI startup, has made history by deploying its optical character recognition (OCR) solution "OCR Pack" for the first time to Hanwha Life Insurance, one of the leading life insurance companies in the country, driving AI innovation in the financial sector.

On February 1st, Upstage has signed a contract with Hanwha Life Insurance to supply its innovative OCR Pack solution. The latest deal marks the initial occasion that the company is providing its cutting-edge solution to a client, with a powerful No-Code/Low-Code AI technology that has the ability to efficiently process five different types of insurance claim documents, including medical bills.

The use of AI is becoming increasingly crucial in the financial sector. According to a recent report by the Korea Credit Information Services, the domestic financial AI market is expected to grow by 38.2% annually, reaching a value of KRW 3.2 trillion by 2026.

Particularly within the realm of AI, financial institutions are accelerating the development and advancement of OCR technology. OCR technology is capable of reading characters from an image or extracting desired data as text, making it an essential part of AI innovation in the industry for efficiently processing vast amounts of electronic documents and various paperwork.

Upstage has established a robust reputation for its AI solutions, demonstrated by its presentations of numerous outstanding papers at international AI conferences such as NeurIPS, AAAI, ACL, and EMNLP, and its distinction as the only company to have received nearly a dozen gold medals in Kaggle competitions. Based on this demonstrated track record of technological excellence, Upstage is now well-positioned to supply Hanwha Life Insurance with its cutting-edge technology.

Upstage's OCR Pack is a highly efficient No-Code/Low-Code solution, capable of seamlessly processing a wide range of documents, leading to a substantial reduction in costs and time, with a decrease of 82% compared to manual processing. The solution has been expertly crafted to minimize the cost of developing and operating OCR technology in-house, achieving a reduction of one-tenth, and features pre-trained models that require only a quarter of the data compared to its global competitors, making it a much-coveted solution among financial clients.

Once again, the exceptional performance of Upstage's OCR Pack was evident during Hanwha Life Insurance's verification process. The solution displayed outstanding results in document tests, particularly in the processing of medical expense receipts and statements, which are commonly utilized by insurance companies. The basic model alone achieved a recognition rate of over 95% and left competing solutions in the dust, successfully automating the document processing process and significantly reducing manual verification.

The success of Upstage can be attributed to the collaborative effort and teamwork of its diverse teams, including the OCR Pack Development Team, the NLP (Natural Language Processing) Team, the Challenges Team devoted to Kaggle competitions, and the Product Design Team. The company firmly believes that their collective synergy has propelled the company to new heights of success.

Hanwha Life Insurance, a premier insurance firm in South Korea, is concentrating its efforts to enhancing the value of its data by developing advanced analysis and prediction models. The recent alliance with Upstage aims to amplify the company’s data utilization capabilities and drive digital transformation through the acquisition of image unstructured data.

With partnerships ranging from KB last year to its recent agreement with Hanwha Life Insurance, Upstage is poised to drive widespread adoption of its innovative OCR Pack throughout the financial sector, including banking and insurance industries. The company's deployment of AI RecSys (Recommendation System) Packs to notable corporations such as Brandy, LG U+, and AmorePacific, further strengthens its position as a pioneer in the AI technology market.

"We are delighted to join forces with Hanwha Life Insurance and offer them access to our state-of-the-art OCR Pack solution for the first time,” said Sung Kim, CEO of Upstage. "At Upstage, our goal is to deliver exceptional value to our customers and drive digital progress through our most powerful, no-code AI solution."

"Upstage’s OCR Pack demonstrated over 95% recognition rate with its basic model performance alone on various documents," said Jeon Kyung-won, head of Hanwha Life's Data Analytics division. "The Upstage OCR Pack sets itself apart from other conventional solutions that were limited in their capabilities for expanding OCR tasks. With its ability to improve its performance and apply it to various documents through its commercial model, Upstage is no doubt a preferred partner for us.”

With the AI Pack, Upstage assists customers in customizing three AI technologies simultaneously: OCR technology, recommendation technology that takes into account customer information and product/service characteristics, and natural language processing (NLP) that enables meaning-based search. The Upstage AI Pack not only simplifies data processing, AI modeling, and indicator management, but also supports continuous updates and makes it easy to stay up-to-date with the latest AI technology.

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