Upstage supplies financial-specific AI solution 'OCR Pack' to 'Samsung Life Insurance'
4/28/2023Upstage-Samsung Life, signed an 'OCR Pack supply contract' on the 26th... Leading digital innovation through document automation
PROCESSING 7 TYPES OF DOCUMENTS WITH THE WORLD'S BEST TECHNOLOGY 'OCR PACK', PROVEN BY WINNING 4 ICDAR AWARDS... FOCUS ON THE FINANCIAL INDUSTRY
“WE WILL CONTRIBUTE TO THE COMPLETION OF AI-DT FOR FINANCIAL CUSTOMERS BASED ON THE GLOBAL TOP OCR TECHNOLOGY”
(Seoul, Apr. 28, 2023 /Upstage) National AI startup Upstage supplies financial-specific AI solution 'OCR Pack' to Korea's No. 1 life insurance company 'Samsung Life', leading digital innovation through document automation.
Upstage (CEO Kim Seong-hun, www.upstage.ai) announced on the 26th that it had signed an 'OCR Pack supply contract' with Samsung Life Insurance. Through this contract, Upstage supplies its representative AI solution 'OCR Pack' to Samsung Life Insurance, helping to automate 7 types of insurance claim documents such as medical expense receipts.
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 not only published a number of excellent papers at international AI societies such as NeurlPS, AAAI, ACL, and EMNLP, but also has been awarded in all four categories announced so far at the ICDAR Robust Competition, the world's most prestigious AI OCR competition. It swept the top spot, proving its global top AI OCR technology again.
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.
THE EXCELLENCE OF THE UPSTAGE OCR PACK WAS ONCE AGAIN PROVEN IN THE VERIFICATION PROCESS OF SAMSUNG LIFE INSURANCE. IN VARIOUS DOCUMENT TESTS, INCLUDING MEDICAL BILLS, WHICH ARE MAINLY USED BY INSURANCE COMPANIES, THE PERFORMANCE OF UPSTAGE OCR PACK SHOWED OUTSTANDING PERFORMANCE COMPARED TO COMPETITORS. IN PARTICULAR, IT SHOWED THE POSSIBILITY OF AUTOMATING VARIOUS DOCUMENTS REQUIRED FOR INSURANCE PROCESSING BY EXPANDING THE PROCESSING DOCUMENTS TO 7 TYPES WITH EXCELLENT BASIC MODEL PERFORMANCE.
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.
THROUGH THIS COLLABORATION WITH SAMSUNG LIFE INSURANCE, THE INTRODUCTION OF OCR PACKS IN THE FINANCIAL SECTOR, INCLUDING BANKING AND INSURANCE, IS EXPECTED TO BECOME MORE ACTIVE. UPSTAGE IS DEVELOPING NOT ONLY OCR PACKS BUT ALSO RECOMMENDED AI PACKS, AND IS COLLABORATING WITH BRANDY, LG U+, AND AMOREPACIFIC.
KIM SEONG-HUN, CEO OF UPSTAGE, SAID, “WE ARE DELIGHTED TO BE SUPPLYING OCR PACKS TO SAMSUNG LIFE INSURANCE, THE NO. 1 LIFE INSURANCE COMPANY IN KOREA.” WE WILL HELP AI INNOVATION AND CONTRIBUTE TO CUSTOMER SUCCESS.”
Meanwhile, Upstage is also operating AskUp Biz, the business version of the national representative Chat AI AskUp, along with AI packs and API series as services for companies that want to use AI more easily. AskUp Biz is a service that can be optimized for the business environment to increase the work efficiency and satisfaction of companies. It consists of three parts: , AskUp and Slack, which can be used in Slack, a work tool.
※ Description of photo: Upstage, a leading AI start-up in Korea, supplies 'OCR Pack', an optical character recognition solution, to 'Samsung Life' to help innovate AI in the financial sector. The photo shows a demonstration of processing a wrinkled or damaged medical bill using an OCR pack.
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upstage | Geun-Kyo Kim PR Director | keunkyo@upstage.ai
upstage | Seongbeom Bae PR Manager | sungbae@upstage.ai -
Upstage, founded in October 2020, offers a no-code/low-code solution called "Upstage AI Pack" to help clients innovate in AI. This solution applies the latest AI technologies to various industries in a customized manner. Upstage AI Pack includes OCR technology that extracts desired information from images, recommendation technology that considers customer information and product/service features, and natural language processing search technology that enables meaning-based search. By using the Upstage AI Pack, companies can easily utilize data processing, AI modeling, and metric management. They can also receive support for continuous updates, allowing them to use the latest AI technologies conveniently. Additionally, Upstage offers practical, AI-experienced training and a strong foundation in AI through an education content business. This helps cultivate differentiated professionals who can immediately contribute to AI business.
Led by top talents from global tech giants like Google, Apple, Amazon, Nvidia, Meta, and Naver, Upstage has established itself as a unique AI technology leader. The company has presented excellent papers at world-renowned AI conferences, such as NeurIPS, ICLR, CVPR, ECCV, WWW, CHI, and WSDM. In addition, Upstage is the only Korean company to have won double-digit gold medals in Kaggle competitions. CEO Sung Kim, an associate professor at Hong Kong University of Science and Technology, is a world-class AI guru who has received the ACM Sigsoft Distinguished Paper Award four times for his research on bug prediction and automatic source code generation. He is also well-known as a lecturer for "Deep Learning for Everyone," which has recorded over 7 million views on YouTube. Co-founders include CTO Hwal-suk Lee, who led Naver's Visual AI/OCR and achieved global success, and CSO Eun-jeong Park, who led the modelling of the world's best translation tool, Papago.
