2023/10/31

• UPSTAGE AND NH NONGHYUP LIFE INSURANCE SIGNED A BUSINESS AGREEMENT ON THE 30TH TO ‘IMPROVE INSURANCE BUSINESS EFFICIENCY AND JOINT GROWTH THROUGH AI TECHNOLOGY’

• COLLABORATION TO INTRODUCE AI THAT PROVIDES SAFETY AND ACCURATE INFORMATION ESSENTIAL FOR INSURANCE WITH KNOW-HOW IN BUILDING THE WORLD’S BEST PERFORMANCE MODEL

• IN ADDITION TO AI INNOVATION IN THE FINANCIAL SECTOR, WE PLAN TO ACCELERATE THE DEVELOPMENT OF PRIVATE LLM WITH LEADING COMPANIES IN VARIOUS INDUSTRIES.

(Upstage = 2023/10/31) Upstage joined hands with NH Nonghyup Life Insurance to innovate financial AI.

UPSTAGE (CEO KIM SEONG-HOON) SIGNED A BUSINESS AGREEMENT WITH NH NONGHYUP LIFE INSURANCE ON THE 30TH TO IMPROVE INSURANCE BUSINESS EFFICIENCY AND JOINT GROWTH THROUGH AI TECHNOLOGY. THE TWO COMPANIES HELD AN AGREEMENT CEREMONY AT NH NONGHYUP LIFE INSURANCE'S HEADQUARTERS IN SEODAEMUN-GU, WITH KEY EXECUTIVES FROM BOTH COMPANIES IN ATTENDANCE, INCLUDING UPSTAGE CEO KIM SEONG-HOON AND NH NONGHYUP LIFE INSURANCE CEO YOON HAE-JIN.

RECENTLY, THE MARKET LANDSCAPE IS CHANGING RAPIDLY WITH THE INTRODUCTION OF AI, SUCH AS OPTICAL CHARACTER RECOGNITION (OCR) FOR DOCUMENT AUTOMATION AND DOMAIN-SPECIFIC LLM, ESPECIALLY IN THE FINANCIAL SECTOR. IN PARTICULAR, DUE TO THE NATURE OF THE FINANCIAL SECTOR, WHERE PROTECTION OF PERSONAL INFORMATION IS VITAL, DEMAND FOR 'PRIVATE LLM', WHICH GUARANTEES HIGH SECURITY AND SPECIALIZES IN PREVENTING 'HALLUCINATION' THAT GENERATES INCORRECT INFORMATION, IS RAPIDLY INCREASING.

IN THIS TREND, UPSTAGE JOINED HANDS WITH NH NONGHYUP LIFE INSURANCE TO COLLABORATE IN VARIOUS AREAS SUCH AS ▲ COLLABORATING ON WAYS TO IMPROVE DATA WORK EFFICIENCY AND INTERNALIZE AI TECHNOLOGY ▲ IMPROVING INSURANCE VALUE CHAIN OPERATIONS BASED ON AI TECHNOLOGY ▲ DEVELOPING AI TECHNOLOGY MODELS SPECIALIZED FOR THE INSURANCE INDUSTRY ▲ DISCOVERING NEW BUSINESS MODELS LINKED TO AI. DECIDED TO PROMOTE INNOVATION USING AI.

THROUGH THIS AGREEMENT, THE TWO COMPANIES WILL PROMOTE WORK AUTOMATION THROUGH THE INTRODUCTION OF AI OCR TECHNOLOGY AND COOPERATE TO JOINTLY DEVELOP TECHNOLOGY ACROSS THE INSURANCE INDUSTRY, INCLUDING UTILIZING GENERATIVE AI TECHNOLOGY.

Upstage's AI OCR solution 'Document AI' recently recorded an accuracy of over 95% in the document recognition rate verification of 7 types of insurance claim documents with Samsung Life Insurance, and was evaluated as realizing document automation even in the insurance domain, which is considered to be extremely difficult. . Document AI is already being introduced in various industries such as POSCO Holdings, Samsung SDS, and HD Hyundai Global Service, as well as financial institutions such as Samsung Life Insurance and Hanwha Life Insurance.

IN THE FUTURE, UPSTAGE PLANS TO SPEED UP THE EXPANSION OF PRIVATE LLM, WHICH CAN BE APPLIED NOT ONLY TO THE FINANCIAL SECTOR BUT ALSO TO VARIOUS INDUSTRIES. UPSTAGE DEVELOPED A PRIVATE LLM BASED ON ITS LANGUAGE MODEL 'SOLAR', WHICH SURPASSED CHATGPT AND RANKED FIRST IN THE WORLD IN HUGGING FACE'S 'OPEN LLM LEADERBOARD' LAST AUGUST, AND IS SUPPORTED BY CONNECT WAVE, LOTTE SHOPPING, AND METAVERSE. WE TOOK A FULL-FLEDGED STEP FORWARD BY SIGNING AGREEMENTS WITH ENTERTAINMENT COMPANIES.

KIM SEONG-HOON, CEO OF UPSTAGE, SAID, “WE ARE HAPPY TO BE ABLE TO WORK TOGETHER ON DIGITAL TRANSFORMATION AND INNOVATION USING AI IN THE FINANCIAL DOMAIN THROUGH COOPERATION WITH NH NONGHYUP LIFE INSURANCE, A LEADER IN THE DOMESTIC INSURANCE INDUSTRY.” HE ADDED, “IN THE FUTURE, UPSTAGE WILL CONTINUE TO BUILD ON THE WORLD’S BEST TECHNOLOGY.” “WE WILL TAKE THE LEAD IN INDUSTRIAL AI INNOVATION BY EXPANDING OCR AND PRIVATE LLM THAT CAN BE APPLIED TO VARIOUS INDUSTRIES.”

NH NONGHYUP LIFE INSURANCE CEO YOON HAE-JIN SAID, "THROUGH THE BUSINESS AGREEMENT WITH UPSTAGE, WHICH HAS AI TECHNOLOGY HIGH ENOUGH TO WIN COMPETITIONS WITH GLOBAL COMPANIES, WE HOPE THAT EFFICIENT IMPROVEMENT OF THE ENTIRE NH NONGHYUP LIFE INSURANCE VALUE CHAIN AND INTERNALIZATION OF AI TECHNOLOGY WILL BE ACHIEVED. “I HOPE THIS WILL BE A GOOD OPPORTUNITY TO ACCELERATE NH NONGHYUP LIFE’S DIGITAL TRANSFORMATION AND ACHIEVE INNOVATION, AND FURTHER LAY THE FOUNDATION FOR FUTURE GROWTH FOR THE JOINT GROWTH OF BOTH COMPANIES.”

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