Creating a loss triangle | Domo

Issue

A crucial need to have for any insurance corporation is observe claim losses more than time by exhibiting them in what are named “loss triangles.” Normally, this is a extremely manual approach hunting that entails on the lookout at the economic transactions about the previous year and when the claim transpired and updating an Excel spreadsheet. 

Solution

By leveraging Magic ETL and utilizing the pivot table card, I have been able to automate this system and make it possible for our Finance workforce to perspective updated triangles any time they want. I enhanced it even further by using Kind Builder, which enables the consumer to find a distinct evaluation day in situation they really don’t want the most the latest day, but want to glance at as of a selected historical date. This saves our corporation innumerable hours each month and also improves accuracy by implementing this alternative.

Demo

To create the loss triangles, I leverage the team by tile and the rank and window tiles to build running totals. This will allow me to clearly show losses for each individual 12 months of a claim. I then use the pivot desk card and area the loss 12 months in the row and the transaction year (or months of enhancement) in the columns and the quantity in the price discipline. This will outcome in the details being shown in the form of a triangle.