Document AI specialist Lomin (CEO Jihong Kang) announced on the 25th that it has successfully completed the implementation of an AI-powered Optical Character Recognition (OCR) system for Kyobo Life Insurance’s retirement pension claims intake process.

Lomin's solution automates the classification and data extraction of both structured and unstructured documents, including Defined Benefit (DB) pension claim forms, retirement income withholding tax receipts, and Defined Contribution (DC) pension application forms. By automatically identifying key data fields, the system streamlines the entire claims intake process.

Kyobo Life reported improved operational efficiency and enhanced customer service quality following the deployment. This marks the second collaboration between the two companies, building on the success of their previous AI OCR project for accident insurance claims. In that project, Lomin helped reduce the claims processing time to the industry's fastest level, according to disclosures by the Korea Life Insurance Association in the first half of 2023.

Lomin’s Document AI platform, Textscope® Studio, offers specialized AI OCR capabilities tailored for the financial sector. It supports diverse text formats—such as printed and typewritten characters—and enables comprehensive document processing through technologies including document parsing, semantic understanding, and MLOps for continuous model training and deployment.

CEO Jihong Kang stated, “We are pleased to deliver meaningful results in partnership with Kyobo Life. Moving forward, we aim to further expand the deployment of automated document processing systems based on our advanced Document AI capabilities.”

Meanwhile, Lomin is currently undertaking the largest AI OCR system project in Korea in collaboration with Mirae Asset Securities. This initiative focuses on automating processes related to deferred taxation on retirement pensions, including the recognition and classification of retirement-related tax documents.