Creating ‘loss triangles’ in Domo

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 / Making ‘loss triangles’ in Domo

















Issue

A critical need to have for any insurance business is the capability to monitor declare losses about time by displaying them in what are termed “loss triangles.”

Typically, this is a extremely guide method that will involve looking at monetary transactions around the past year, pinpointing when the statements occurred, and updating an Excel spreadsheet appropriately. 

Resolution

By leveraging Magic ETL and employing the pivot desk card, I have been capable to automate this system and allow for associates of our finance team to check out up to date triangles any time they want.

I improved it even further more by employing Kind Builder, which enables the user to decide on a precise analysis day in circumstance they never want the most the latest day but do want to search at a specific historical day.

This will save our corporation numerous hours each thirty day period and also increases accuracy.

Demo

To create the loss triangles, I leverage the group by tile and the rank and window tiles to make managing totals. This makes it possible for me to demonstrate losses for each and every 12 months of a declare.

I then use the pivot desk card and area the loss 12 months in the row, the transaction yr (or months of advancement) in the columns, and the total in the price discipline. This final results in the info staying exhibited in the shape of a triangle:

Creating ‘loss triangles’ in Domo