Legaltech may not be a term in your current vocabulary. Despite its recent boom as a stand-alone industry, it’s relatively new to the scene, and many people are still unaware of its possibilities.
Let’s look at one example of a new legaltech company to see how the collaboration of the legal industry and the tech industry is reshaping the world’s approach to the law.
Phil Sokowicz and legaltech
Phil Sokowicz is the innovative co-founder of a German legaltech startup that has merged the legal and tech sectors to provide its customers with a technically advanced claim prediction and a simplified experience during legal proceedings. The company is tackling a specific issue in the cancellation policies of the over 100 million life insurance policies written between 1994 and 2007 in Germany.
The company uses real lawyers to look over a claim, then uses an algorithm to predict an expected payout amount, then lawyers take the claim to court. Customers can follow the proceedings on the company’s online platform.
This seamless integration of technology and law does exactly what tech does best – it transforms a process that used to be tedious, expensive and annoying into a process that is quick, cheap and simple.
Here are some of the ways that Phil has demonstrated how tech and law can combine successfully.
Using tech to connect lawyers and clients
Instead of searching for a good lawyer, Sokowicz’ clients are automatically connected to a legal firm when they sign up for the service. Plus, they know that the firm is already familiar with and experienced in their type of claim.
Using tech to predict the client’s claims
It seems that the days of entering a lengthy and expensive legal battle with no guarantee of success are numbered. Sokowicz and his co-founder created an innovative algorithm that removes the uncertainty from the legal proceedings.
Using the platform, customers receive a reliable estimate of the payout they can expect. This means they can make informed decisions about whether to enter the proceedings in the first place.
Using tech to simplify legal proceedings for the client
Once the client decides to take the insurance company to court, they are free to get on with the rest of their lives. If they are interested in following the proceedings, Sokowicz has a comprehensive online system where detailed updates are stored for the customer’s convenience.
The client no longer has to meet with their lawyer to discuss their legal proceedings. Instead, they can follow the proceedings in their own time and at their own convenience.
Technology, when it is used well, makes life easier and cheaper. Sokowicz’s innovations are a fantastic example of what we can expect to see in the future for the legal tech industry. Tech will help to simplify and streamline the legal process for everyone involved, plus it will clients avoid entering battles they are unlikely to win. The future of the legal tech industry is a bright one, and the next few years are likely to bring more and more legaltech companies into the spotlight.