Creating a loss triangle | Domo

Dilemma

A critical require for any insurance policy corporation is monitor assert losses around time by exhibiting them in what are termed “loss triangles.” Commonly, this is a very manual process on the lookout that requires seeking at the economic transactions around the very last 12 months and when the assert occurred and updating an Excel spreadsheet. 

Remedy

By leveraging Magic ETL and working with the pivot desk card, I have been equipped to automate this approach and allow for our Finance workforce to perspective up to date triangles any time they want. I improved it even more by working with Sort Builder, which makes it possible for the user to choose a precise evaluation date in circumstance they do not want the most recent date, but want to glance at as of a specified historic date. This will save our firm countless several hours each month and also increases accuracy by implementing this answer.

Demo

To produce the reduction triangles, I leverage the group by tile and the rank and window tiles to build functioning totals. This permits me to display losses for each yr of a claim. I then use the pivot desk card and position the loss year in the row and the transaction calendar year (or months of advancement) in the columns and the amount of money in the benefit discipline. This will outcome in the info currently being exhibited in the condition of a triangle.