Creating ‘loss triangles’ in Domo

Dilemma

A essential have to have for any insurance policies enterprise is the ability to monitor assert losses over time by displaying them in what are referred to as “loss triangles.”

Ordinarily, this is a incredibly guide process that requires wanting at fiscal transactions in excess of the previous year, determining when the statements transpired, and updating an Excel spreadsheet accordingly. 

Remedy

By leveraging Magic ETL and making use of the pivot table card, I have been in a position to automate this procedure and permit customers of our finance workforce to look at updated triangles any time they want.

I improved it even further by working with Form Builder, which lets the consumer to pick out a unique evaluation date in case they really don’t want the most latest date but do want to search at a specific historic day.

This saves our company plenty of hours each month and also enhances precision.

Demo

To generate the reduction triangles, I leverage the team by tile and the rank and window tiles to develop operating totals. This will allow me to display losses for each individual calendar year of a claim.

I then use the pivot desk card and spot the loss yr in the row, the transaction yr (or months of growth) in the columns, and the quantity in the benefit industry. This final results in the information and facts currently being shown in the condition of a triangle: