Creating a loss triangle | Domo

Problem

A crucial require for any insurance coverage firm is track assert losses over time by exhibiting them in what are known as “loss triangles.” Normally, this is a extremely manual process searching that involves on the lookout at the economic transactions more than the past yr and when the claim happened and updating an Excel spreadsheet. 

Option

By leveraging Magic ETL and working with the pivot desk card, I have been capable to automate this course of action and make it possible for our Finance crew to check out updated triangles any time they want. I increased it even even more by using Form Builder, which permits the person to decide on a specific evaluation date in circumstance they never want the most latest date, but want to look at as of a particular historic date. This will save our corporation innumerable hrs each individual thirty day period and also improves precision by utilizing this resolution.

Demo

To create the decline triangles, I leverage the team by tile and the rank and window tiles to make managing totals. This lets me to demonstrate losses for just about every yr of a claim. I then use the pivot desk card and area the decline 12 months in the row and the transaction yr (or months of progress) in the columns and the total in the benefit subject. This will consequence in the data getting shown in the form of a triangle.