Creating a loss triangle | Domo

Dilemma

A critical need to have for any insurance coverage firm is monitor assert losses about time by exhibiting them in what are referred to as “loss triangles.” Commonly, this is a quite guide approach on the lookout that consists of wanting at the economic transactions about the past year and when the declare occurred and updating an Excel spreadsheet. 

Remedy

By leveraging Magic ETL and employing the pivot table card, I have been capable to automate this system and allow our Finance workforce to look at current triangles any time they want. I improved it even further by using Form Builder, which lets the user to pick out a unique analysis date in circumstance they really don’t want the most current date, but want to search at as of a specified historical day. This will save our enterprise plenty of several hours every thirty day period and also improves accuracy by employing this remedy.

Demo

To create the reduction triangles, I leverage the team by tile and the rank and window tiles to produce operating totals. This enables me to exhibit losses for every single year of a assert. I then use the pivot desk card and position the decline year in the row and the transaction yr (or months of growth) in the columns and the amount in the worth discipline. This will result in the information and facts staying exhibited in the shape of a triangle.