Creating a loss triangle | Domo

Dilemma

A significant have to have for any insurance plan company is monitor declare losses about time by displaying them in what are identified as “loss triangles.” Generally, this is a quite guide approach searching that will involve looking at the monetary transactions more than the final calendar year and when the declare occurred and updating an Excel spreadsheet. 

Solution

By leveraging Magic ETL and employing the pivot table card, I have been ready to automate this procedure and allow for our Finance workforce to look at up to date triangles any time they want. I enhanced it even further by using Form Builder, which enables the user to decide on a unique analysis day in situation they never want the most modern day, but want to appear at as of a specified historic date. This saves our firm countless hrs just about every thirty day period and also enhances precision by applying this answer.

Demo

To create the decline triangles, I leverage the group by tile and the rank and window tiles to generate operating totals. This permits me to demonstrate losses for each and every yr of a claim. I then use the pivot table card and position the loss 12 months in the row and the transaction yr (or months of improvement) in the columns and the total in the worth industry. This will result in the information remaining displayed in the shape of a triangle.