Creating a loss triangle | Domo

Dilemma

A crucial want for any insurance plan organization is observe assert losses above time by exhibiting them in what are termed “loss triangles.” Commonly, this is a really guide approach seeking that entails on the lookout at the financial transactions in excess of the past 12 months and when the declare happened and updating an Excel spreadsheet. 

Option

By leveraging Magic ETL and using the pivot desk card, I have been capable to automate this method and allow for our Finance crew to view updated triangles any time they want. I increased it even even further by working with Form Builder, which will allow the person to find a certain evaluation date in case they do not want the most new day, but want to look at as of a specified historic day. This saves our organization many hours each thirty day period and also increases precision by applying this solution.

Demo

To produce the reduction triangles, I leverage the group by tile and the rank and window tiles to build functioning totals. This allows me to clearly show losses for every year of a declare. I then use the pivot desk card and area the reduction calendar year in the row and the transaction year (or months of improvement) in the columns and the sum in the price field. This will consequence in the information and facts getting displayed in the condition of a triangle.