If you live in Germany and signed up for life insurance between 1994 and 2007, chances are high your policy is incorrect. This is why Phil Sokowicz and his co-founder created a legal tech startup designed to help their clients to revoke these life insurance policies to get more money out of their contracts. According to Sokowicz, there are currently over 100 million of contracts that could be affected by a faulty revocation policy.
What’s the problem with all of these insurance policies?
So, there are millions of life insurance policies out there that take advantage of the policyholders. What exactly is the issue with these policies? The problem lies in the cancellation policy attached to life insurance. Because these cancellation policies are insufficient, there is the potential to use this as a legal loophole and claim a significantly higher amount of money.
Phil Sokowicz’ revolutionary
Phil Sokowicz and his co-founder designed the company to make the claims process easy and quick for its customers. Sokowicz describes the platform as “justice-as-a-service” because it makes justice widely accessible. Most people won’t be able to assess their own policies to determine whether or not the policy could be financially lucrative. Few people would want to spend money on hiring legal representation before they know whether or not it is worth revoking their policy. This is where the platform comes in.
Sokowicz and his co-founder created an algorithm that is used alongside real law firms. The company looks over a customer’s policy and can provide an estimated compensation amount. The law firm then proceeds to legally claim back the money from the insurance company. If the claim is successful, the company claims a 29,75% commission.
This commission rate is minimal when compared to the cost of the potential legal fees the customer would need to pay without the company’s help. When you also consider the time and effort of taking a big insurance company to court, using a platform seems like a no brainer.
Also, because Sokowicz is committed to only taking a commission from successful cases, customers never risk losing money by using the service. If their cancellation policy is in order, the case will never be taken to court, and the customer will be no worse off.
What can I expect from using the platform?
The entire process should be simple and painless for you as a customer. You begin the process by uploading your contractual documents to the website. One of the company’s cooperating law firms will look over the documents and then, with the help of the algorithm, will provide you with an estimated claim amount.
If you decide to go ahead and revoke your policy through the platform, Sokowicz and the team will get to work. You can check the legal proceedings online, but you will never have to give up any of your time.
From start to finish, Sokowicz predicts the entire process will take 12 to 18 months. In some cases, insurance companies accept the revocation in a few short weeks. You won’t have to pay anything until the money has been released to you.
Article by Jim Bevin. Bevin is a passionate writer, guest blogger, and a social media enthusiast. He has published various articles on authoritative magazines like Social Media Explorer, ThriveGlobal, etc..
Share
Contributors
