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Hanwha's life insurance wing adopts optical character recognition solution to handle multiple documents

By Kim Joo-heon Posted : February 1, 2023, 16:19 Updated : February 1, 2023, 21:10

[Courtesy of Upstage]

SEOUL -- Hanwha Life Insurance, one of the major life insurance companies in South Korea, adopted optical character recognition solution capable of extracting necessary data from complicated insurance claim documents such as medical expense receipts. The solution created by domestic artificial intelligence startup Upstage would help busy workers as it can quickly process complex documentation tasks with one click.
 
Optical character recognition (OCR) is used to convert images of printed, hand-written or typed text into machine-encoded text using AI-based computer vision technology. The technology enables users to extract useful information from images.
 
Upstage said in a statement on February 1 that OCR Pack, an AI-based solution that can process five different documents required for an insurance claim, will be provided to Hanwha Life Insurance. Upstage said costs and time can be reduced by up to 82 percent compared to the conventional manual processing method. Without spending too much time on coding, companies can also use the solution to develop apps and other programs.
 
"The Upstage OCR Pack recorded a recognition rate of over 95 percent with basic model performance alone in various documents," said Hanwha Life Insurance’s data analytics head Jeon Gyeong-won.
 
"We are delighted to be the first to supply OCR Packs to Hanwha Life Insurance, the leading insurance company in Korea," Upstage CEO Kim Sung-hoon was quoted as saying. 

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