Creating ‘loss triangles’ in Domo

Problem

A critical have to have for any insurance organization is the potential to keep track of assert losses in excess of time by displaying them in what are referred to as “loss triangles.”

Generally, this is a quite handbook process that consists of seeking at economical transactions above the last 12 months, figuring out when the promises happened, and updating an Excel spreadsheet accordingly. 

Remedy

By leveraging Magic ETL and utilizing the pivot table card, I have been in a position to automate this course of action and allow for customers of our finance group to watch up-to-date triangles any time they want.

I increased it even more by working with Form Builder, which allows the consumer to decide on a specific evaluation date in case they do not want the most modern date but do want to glimpse at a particular historical date.

This saves our business a great number of hours just about every month and also enhances precision.

Demo

To generate the decline triangles, I leverage the group by tile and the rank and window tiles to create jogging totals. This makes it possible for me to demonstrate losses for each individual 12 months of a declare.

I then use the pivot table card and area the reduction year in the row, the transaction year (or months of growth) in the columns, and the amount of money in the worth industry. This success in the information staying shown in the shape of a triangle: