I think it's not possible and if you want a try then search on Google. You can get many software.
How to retrieve lost data from water damaged iPhone 5?
Did you back up your phone before updating? If so, the data should be on the backup. You could then restore the phone from the backup. If you have no backup and the data are no longer on your phone, I'm sorry to say that there is no way to recover your iPhone data.
Take out the sim and put it in a new phone
I think it is not possible to retrieve data from the damaged phone unless it is able to power on. How ever phone book data will be retrieved by using the sim card in other phone
If you have a backup file, you can recover lost data from iTunes backup or iCloud backup with help of FoneLab.