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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2023\/06\/08\/evenup-wants-to-automate-personal-injury-settlements-to-a-point\/<\/a><\/br> Millions of personal injury cases are settled in the U.S. every year, as few go to trial \u2014 but the vast majority are kept under wraps. This leaves lawyers guessing what they should propose as a settlement price, oftentimes resulting in victims being undercompensated.<\/p>\n It\u2019s what led Rami Karabibar to launch EvenUp<\/a>, a startup that taps AI to generate legal documents to assess injury cases. The platform, aimed at customers in the legal field, attempts to use raw case files, including medical records, police reports and bills, to create letters arguing for proposed compensation.<\/p>\n \u201cWe\u2019re on a mission to level the playing field in personal injury cases,\u201d Karabibar, who previously worked across private equity, venture capital and venture-backed startups, said.<\/p>\n Karabibar co-founded EvenUp with Ray Mieszaniec, a two-time entrepreneur, whose father was permanently disabled after being hit by a car involved in a police chase. Mieszaniec\u2019s family got just 10% of the average payout for that type of accident \u2014 partly because their lawyer didn\u2019t know what the appropriate compensation should be.<\/p>\n EvenUp aims to tackle all categories of personal injury cases, including motor vehicle accidents, police brutality, child abuse and even natural disasters. To do this, Karabibar, Mieszaniec and EvenUp\u2019s third co-founder, Saam Mashhad (a former litigator), built a database of private settlements \u2014 including hundreds of thousands of medical records \u2014 and trained an AI to estimate fair compensation based on the details of each case.<\/p>\n EvenUp\u2019s platform extracts the relevant info from documents and organizes them into templated \u201cdemand packages,\u201d which state the legal and factual basis for a personal injury claim and include a demand for compensation. Designed to be a self-service solution for lawyers, paralegal staff and law firms, EvenUp summarizes notes and copies of raw records into medical digests \u201coptimized for injury law.\u201d<\/p>\n \u201cThe more documents and cases we see, the better we are at preparing demand packages, and the better we are at increasing case outcomes and reducing costs,\u201d Karabibar said. \u201cEvenUp reaches deeper in the legal workflow with a higher bar for accuracy than other AI assistants, from extracting data out of raw documents, to valuing what cases are worth, to generating final demand packages that bring that all together.\u201d<\/p>\n As Karabibar alluded to, EvenUp isn\u2019t the only startup applying AI to the tedious \u2014 and monotonous \u2014 task of drafting legal documents. Lawyaw<\/a>, which emerged from stealth several years ago, is building software to automate the process of customizing standard documents like NDAs and wills. Elsewhere, Atrium\u2019s<\/a> software digitizes legal paperwork and builds apps on top to speed up fundraising, commercial contracts, equity distribution and employment issues.<\/p>\n But EvenUp claims that it\u2019s one of the first to tackle personal injury \u2014 a law practice area not necessarily held in high regard. So-called \u201csettlement mills,\u201d which charge between 33% to 40% of total awarded compensation, settle a high volume of cases without necessarily focusing on maximizing the value of each claim.<\/p>\n Mieszaniec implies that EvenUp could change this by normalizing the practice of AI-aided personal injury litigation.<\/p>\n \u201cBy harnessing the potential of technology, we can create a future where the pursuit of justice is not marred by financial pressure or the representation you have,\u201d Mieszaniec said via email. \u201cIt\u2019s time to embrace innovative solutions that streamline the claims process, empower individuals, humanize the process and ensure that no one walks away with a fraction of what they deserve. That\u2019s why we built EvenUp: to level the playing field for personal injury victims.\u201d<\/p>\n EvenUp appears to have won over investors, who recently pledge $50.5 million in the company at a $325 million valuation (according to a source familiar with the matter). Bessemer Venture Partners led the latest round, a Series B, with participation from Bain Capital Ventures, Behance founder Scott Belsky and legal tech firm Clio, bringing EvenUp\u2019s total raised to $65 million.<\/p>\n But can the tech live up to its promises \u2014 and address the outstanding legal and ethical implications?<\/p>\n With any AI tech, bias is a major concern. Algorithms trained on biased data can amplify those biases, perpetuating existing inequalities and injustices. For instance, a 2016 ProPublica analysis<\/a> found that a widely used algorithm was twice as likely to misclassify Black defendants as presenting a high risk of recidivism than white defendants. One can imagine EvenUp\u2019s AI recommending artificially high or low amounts of personal injury compensation as a result of dataset imbalances.<\/p>\n And what about privacy? EvenUp hasn\u2019t disclosed where it sourced the medical and personal injury documents that it used to train its AI \u2014 nor whether it took steps to notify the original owners of those records.<\/p>\n
\nEvenUp wants to automate personal injury settlements \u2014 to a point<\/br>
\n2023-06-08 22:00:37<\/br><\/p>\n