Creating a loss triangle | Domo

Dilemma

A important require for any insurance policies business is observe declare losses around time by displaying them in what are termed “loss triangles.” Generally, this is a extremely manual approach on the lookout that consists of on the lookout at the economical transactions more than the very last calendar year and when the claim occurred and updating an Excel spreadsheet. 

Solution

By leveraging Magic ETL and working with the pivot table card, I have been ready to automate this method and enable our Finance group to see updated triangles any time they want. I improved it even even more by utilizing Kind Builder, which enables the person to decide on a distinct evaluation day in situation they really don’t want the most current date, but want to search at as of a selected historic date. This will save our firm plenty of hours each month and also increases accuracy by employing this solution.

Demo

To produce the reduction triangles, I leverage the team by tile and the rank and window tiles to generate functioning totals. This enables me to demonstrate losses for each calendar year of a claim. I then use the pivot desk card and area the reduction calendar year in the row and the transaction year (or months of advancement) in the columns and the amount of money in the price area. This will end result in the information becoming exhibited in the form of a triangle.