Creating a loss triangle | Domo

Challenge

A critical have to have for any insurance policy firm is track claim losses more than time by exhibiting them in what are identified as “loss triangles.” Commonly, this is a pretty guide method wanting that involves seeking at the money transactions above the past yr and when the assert occurred and updating an Excel spreadsheet. 

Solution

By leveraging Magic ETL and utilizing the pivot table card, I have been able to automate this approach and let our Finance crew to perspective current triangles any time they want. I enhanced it even even more by employing Type Builder, which makes it possible for the person to find a unique evaluation day in circumstance they do not want the most the latest date, but want to search at as of a particular historical date. This will save our organization countless several hours each and every month and also enhances accuracy by applying this resolution.

Demo

To make the loss triangles, I leverage the group by tile and the rank and window tiles to generate running totals. This allows me to demonstrate losses for each yr of a assert. I then use the pivot table card and place the decline year in the row and the transaction yr (or months of improvement) in the columns and the total in the benefit subject. This will final result in the data currently being exhibited in the condition of a triangle.