Creating a loss triangle | Domo

Issue

A vital need for any coverage corporation is monitor assert losses over time by exhibiting them in what are known as “loss triangles.” Typically, this is a incredibly guide approach looking that will involve searching at the financial transactions above the previous yr and when the declare occurred and updating an Excel spreadsheet. 

Resolution

By leveraging Magic ETL and making use of the pivot table card, I have been equipped to automate this method and permit our Finance staff to see updated triangles any time they want. I improved it even further by making use of Form Builder, which enables the user to pick out a particular evaluation day in case they really do not want the most the latest date, but want to glimpse at as of a selected historical day. This saves our enterprise countless several hours each thirty day period and also enhances precision by implementing this alternative.

Demo

To produce the reduction triangles, I leverage the team by tile and the rank and window tiles to create jogging totals. This makes it possible for me to show losses for each 12 months of a assert. I then use the pivot desk card and location the reduction 12 months in the row and the transaction year (or months of enhancement) in the columns and the amount of money in the value industry. This will final result in the info staying displayed in the form of a triangle.