Creating a loss triangle | Domo

Dilemma

A vital require for any insurance business is observe declare losses around time by displaying them in what are known as “loss triangles.” Commonly, this is a incredibly guide approach looking that includes looking at the financial transactions above the previous year and when the assert occurred and updating an Excel spreadsheet. 

Option

By leveraging Magic ETL and employing the pivot table card, I have been equipped to automate this method and allow for our Finance crew to check out up-to-date triangles any time they want. I improved it even further more by employing Kind Builder, which enables the user to select a particular analysis date in case they never want the most modern date, but want to appear at as of a particular historical day. This will save our organization innumerable hours every single month and also increases accuracy by applying this remedy.

Demo

To produce the decline triangles, I leverage the team by tile and the rank and window tiles to develop managing totals. This lets me to show losses for each year of a assert. I then use the pivot desk card and place the reduction calendar year in the row and the transaction 12 months (or months of development) in the columns and the volume in the value discipline. This will consequence in the data currently being shown in the form of a triangle.