Upstage Supplies Finance-Specialized OCR Pack to Samsung Life Insurance

Upstage has signed an OCR Pack supply contract with Samsung Life Insurance, Korea's No. 1 life insurance company, to support automation of 7 types of insurance claim documents, including medical expense receipts.

OCR Pack is a finance-specialized AI solution that processes various documents with a single click using a no-code/low-code approach. Upstage explained that it can cut costs and time by up to 82% compared to existing manual work, and can also lower the cost for financial companies to directly develop and operate OCR models to about one-tenth the level.

The company also emphasized that by providing pretrained models, sufficient performance can be secured with about a quarter of the data compared to general-purpose models from global competitors. During Samsung Life Insurance's verification process, the solution also showed superior performance compared to competitors in tests across various documents including medical expense receipts, confirming the potential to expand the number of processed document types to 7.

Upstage is highlighting its OCR technology based on papers at major conferences such as NeurIPS, AAAI, ACL, EMNLP, and its achievement of winning 4 titles at the ICDAR Robust Competition. In addition to OCR Pack, the company operates the Recommendation AI Pack and AskUp Biz, and is aiming to expand the adoption of enterprise AI, including in the financial sector.