AI startup Upstage's finance-specialized AI Optical Character Recognition (OCR) solution supplied to South Korea's top life insurance company Samsung Life Insurance has demonstrated high accuracy.
Upstage announced that the document recognition rate of its flagship AI OCR solution, 'Document AI,' supplied to Samsung Life Insurance in April, achieved an average accuracy score of over 95 points. This exceeded the initial target of 90%.
OCR is an AI technology that extracts text data from characters within images. The difficulty varies depending on the form of the image, and insurance document processing is considered the most challenging. This is because medical expense receipts vary greatly in format from hospital to hospital and contain a large amount of unstructured data such as handwriting.
For this reason, most other companies' OCR models, which typically converge around the 80-point range, require human verification for most documents. However, in tests with Samsung Life Insurance, Upstage's model, which scored in the high 90s, required human corrections for only about 4% of items. It accurately recognized images with tilted angles, wrinkles, and shading as well.
Going forward, Upstage plans to strengthen cooperation with Samsung Life Insurance and expand the application areas of OCR, including insurance claim documents. Upstage Document AI has already been adopted across various industries, including financial sectors such as Samsung Life Insurance and Hanwha Life Insurance, as well as POSCO Holdings, Samsung SDS, and HD Hyundai Global Service.
Kim Seong-hoon, CEO of Upstage, said, "We are pleased that Upstage's world-class AI OCR technology has been recognized through collaboration with Samsung Life Insurance, the number one life insurance company in Korea," adding, "Upstage will continue to support companies' digital transformation with AI solutions specialized not only in finance but also in various domains."
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