Creating a loss triangle | Domo

Problem

A significant will need for any insurance plan organization is monitor assert losses above time by displaying them in what are identified as “loss triangles.” Generally, this is a pretty guide approach seeking that consists of seeking at the economic transactions around the very last year and when the assert transpired and updating an Excel spreadsheet. 

Option

By leveraging Magic ETL and working with the pivot table card, I have been ready to automate this procedure and make it possible for our Finance group to watch updated triangles any time they want. I enhanced it even even more by making use of Sort Builder, which lets the consumer to pick out a precise evaluation date in situation they don’t want the most recent date, but want to seem at as of a specified historical date. This saves our business many several hours every month and also enhances accuracy by applying this option.

Demo

To produce the decline triangles, I leverage the group by tile and the rank and window tiles to build operating totals. This enables me to display losses for just about every year of a declare. I then use the pivot table card and put the decline calendar year in the row and the transaction yr (or months of development) in the columns and the amount in the price subject. This will consequence in the data being shown in the form of a triangle.