Creating ‘loss triangles’ in Domo

Issue

A vital require for any insurance coverage enterprise is the potential to monitor claim losses above time by displaying them in what are called “loss triangles.”

Ordinarily, this is a extremely handbook process that consists of hunting at financial transactions above the past 12 months, pinpointing when the statements happened, and updating an Excel spreadsheet accordingly. 

Alternative

By leveraging Magic ETL and making use of the pivot table card, I have been ready to automate this system and permit users of our finance staff to watch up-to-date triangles any time they want.

I improved it even additional by utilizing Type Builder, which lets the person to decide on a distinct analysis day in case they do not want the most the latest date but do want to search at a sure historical day.

This saves our organization numerous hrs each month and also improves precision.

Demo

To create the reduction triangles, I leverage the group by tile and the rank and window tiles to build working totals. This makes it possible for me to clearly show losses for every yr of a assert.

I then use the pivot table card and spot the decline calendar year in the row, the transaction 12 months (or months of development) in the columns, and the total in the value industry. This results in the info getting exhibited in the condition of a triangle: