Photo: Painworth co-founders Chris Trudel and Mike Zouhri
By Julius Melnitzer | February 12, 2022
PainWorth, a Canadian insuretech startup that some have called “the future of claims settlement”, has raised $2.1 million in seed funding.
The timing corresponds with the launch of the Edmonton-based venture’s professional portal, Adjustly, aimed at insurance companies, claims adjusters and personal injury (PI) lawyers throughout North America.
PainWorth co-founder and CEO, Mike Zouhri, says PainWorth will use the money to expand and hasten the roll-out of the company’s PI claim settlement tools.
“As we continue to offer our personal injury claims estimation technology in a growing number of regions, there’s a lot of local legislation and case law data that first needs to be inputted into our system,” Zouhri explains in a press release. “Once that’s done, our software can then simplify that data and offer quick, easy answers for our end users.”
In its original incarnation, Edmonton-based PainWorth’s software targets accident victims. The free, online, fully-automated software helps them calculate the value of their personal injuries.
The professional version allows adjusters and lawyers to calculate discrete elements of a claim on a single dashboard. It includes an injury and jurisdiction-specific case law search engine that can estimate pain and suffering damages. Adjustly also provides calculators for past and future lost wages; cost-of-care; lost housekeeping; present value; inflation; out-of-pocket medical expenses; and mileage expenses.
“The software is designed to handle multiple claims and claimants,” says Bryan Saunders, PainWorth’s director of growth, marketing, & UI/UX. “And we’re rolling out the ability to collaborate with claimants in real time.”
If awards are any indication, the insurance industry and its professionals should love this software. The software is the winner of Hartford’s 2021 Global Insuretech Innovation Challenge, and one of the winners of the American Bar Association’s Startup Alley awards.
“Insurers spend billions of dollars every year trying to manage claims, and there’s real value in finding a way to settle them faster and more economically,” said Stacey Brown, InsureTech Hartford’s founder. “PainWorth is a platform that helps claims managers do just that.”
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Julius Melnitzer is a Toronto-based legal affairs writer, ghostwriter, writing coach and media trainer. Readers can reach him at [email protected] or https://legalwriter.net/contact.