Creating a loss triangle | Domo

Trouble

A critical need to have for any insurance coverage enterprise is monitor declare losses over time by displaying them in what are known as “loss triangles.” Typically, this is a really guide approach hunting that includes on the lookout at the money transactions in excess of the last 12 months and when the claim transpired and updating an Excel spreadsheet. 

Alternative

By leveraging Magic ETL and making use of the pivot table card, I have been in a position to automate this method and make it possible for our Finance team to perspective up-to-date triangles any time they want. I increased it even further by working with Sort Builder, which makes it possible for the consumer to pick a certain evaluation date in situation they really don’t want the most the latest date, but want to seem at as of a specific historical date. This saves our company innumerable hours each month and also improves accuracy by implementing this remedy.

Demo

To produce the reduction triangles, I leverage the group by tile and the rank and window tiles to produce working totals. This allows me to show losses for every single yr of a declare. I then use the pivot desk card and position the reduction 12 months in the row and the transaction year (or months of growth) in the columns and the amount of money in the worth field. This will outcome in the information and facts getting exhibited in the form of a triangle.