Creating a loss triangle | Domo

Trouble

A crucial have to have for any insurance firm is observe claim losses above time by exhibiting them in what are termed “loss triangles.” Usually, this is a extremely manual process seeking that requires on the lookout at the monetary transactions more than the very last calendar year and when the declare occurred and updating an Excel spreadsheet. 

Option

By leveraging Magic ETL and utilizing the pivot table card, I have been equipped to automate this process and make it possible for our Finance group to perspective up-to-date triangles any time they want. I improved it even additional by employing Form Builder, which allows the person to pick out a precise analysis day in case they do not want the most current date, but want to glance at as of a specified historical date. This saves our corporation many hrs each and every thirty day period and also improves accuracy by implementing this resolution.

Demo

To make the loss triangles, I leverage the team by tile and the rank and window tiles to generate managing totals. This enables me to present losses for every single calendar year of a assert. I then use the pivot table card and position the loss 12 months in the row and the transaction 12 months (or months of advancement) in the columns and the amount in the benefit discipline. This will end result in the information becoming displayed in the form of a triangle.