[Courtesy of Upstage]
SEOUL — Hanwha Life Insurance, one of many main life insurance corporations in South Korea, adopted optical character recognition solution able to processing insurance declare documents similar to medical expense receipts. The solution created by home synthetic intelligence startup Upstage would assist busy employees as it might probably rapidly course of complicated documentation duties with one click on.
Optical character recognition (OCR) is a technique of changing a picture of textual content into machine-encoded textual content utilizing AI-based laptop imaginative and prescient know-how. The know-how allows customers to extract helpful data from photographs to allow them to rapidly handle many various documents.
Upstage mentioned in a press release on February 1 that OCR Pack, an AI-based solution that may course of 5 completely different documents required for an insurance declare, can be offered to Hanwha Life Insurance. Upstage mentioned prices and time may be diminished by up to 82 p.c in contrast to the standard guide processing methodology. With out spending an excessive amount of time on coding, corporations may also use the solution to develop apps and different applications.
“The Upstage OCR Pack recorded a recognition rate of over 95 percent with basic model performance alone in various documents,” mentioned Hanwha Life Insurance’s knowledge 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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