Creating a loss triangle | Domo

Problem

A significant want for any insurance policies enterprise is track assert losses above time by displaying them in what are identified as “loss triangles.” Normally, this is a really handbook process seeking that consists of seeking at the financial transactions in excess of the previous 12 months and when the assert happened and updating an Excel spreadsheet. 

Remedy

By leveraging Magic ETL and making use of the pivot desk card, I have been in a position to automate this procedure and allow our Finance crew to check out updated triangles any time they want. I increased it even even more by working with Form Builder, which lets the user to select a distinct evaluation date in circumstance they really don’t want the most latest day, but want to glance at as of a certain historic day. This will save our firm countless several hours every thirty day period and also enhances accuracy by applying this resolution.

Demo

To develop the loss triangles, I leverage the team by tile and the rank and window tiles to generate running totals. This makes it possible for me to present losses for each and every 12 months of a assert. I then use the pivot table card and spot the decline calendar year in the row and the transaction calendar year (or months of enhancement) in the columns and the amount in the price subject. This will end result in the facts remaining displayed in the shape of a triangle.