Business Idea #191 – The Comp Pinkbook

by Byron on October 1, 2012

The Problem:

There are insufficient aggregated statistics on public data.  All of the underlying data exists to create elaborate statistical sets, but it is not being done.

The Business

The Comp Pinkbook.  A book of statistics about the workers’ compensation industry in a particular state.

This business idea has such a particular name because it’s not just an idea, it is my business.

Our statistics are broken down into six sections – claimant attorneys, employer attorneys, injuries, insurers, employers, and health care providers.  The statistics permit you to gain a perspective on the industry you would not otherwise have.  Knowing the aggregates and the averages is not worth the same as experience, but it can help on a day-to-day basis nonetheless.  The stats are valuable and important, but we think our clients’ ability to use the stats to market their practices is even more valuable.

For example, Baltimore workers’ compensation lawyer Mitch Gordon, is the number one claimant attorney in Baltimore City.  Though the industry might have suspected, no one actually knew for certain until we published the statistics.  Gordon is using the stats to his advantage, as well he should.  He was the one, after all, who accumulated the statistics.

Doableness

This was tough, at least for two men and a rackspace subscription.  We used a lot of computing power.  But obtaining the data may not have been the toughest part.  Our knowledge of the significance of the statistics, as well as our knowledge of the industry generally, has been invaluable.  It’s what makes the idea go from not too difficult to extremely difficult.

My Thoughts

The Comp Pinkbook is the start of something big.  Our company is called 27Legal, LLC.  You can read more about us here.

 

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