Verisk unifies HR processes and experience with Oracle Fusion Cloud
Insurance analytics firm brings HR tasks onto one platform to support self-service and improve visibility into employee data.
United States | High Technology
“With Oracle Fusion Cloud HCM, we can provide a unified and consistent end-to-end employee and manager experience while laying the foundation for future innovation and enhancement.”
About Verisk
Verisk is a strategic data analytics and technology partner to the global insurance industry. The company empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud, and make informed decisions about global risks, including climate change, extreme events, sustainability, and political issues.
Video: Verisk Elevates Employee Experience with Oracle Fusion Cloud HCM (3:03)
Bringing HR onto one platform
Verisk ran key HR functions using multiple applications, which fragmented processes such as benefits enrollment and training. HR leaders also wanted to reduce time spent managing routine tasks.
Oracle Fusion Cloud Human Capital Management (HCM) brought HR processes together on one platform, helping create a more consistent experience for employees and freeing time for HR staff to focus on more strategic initiatives.
Why Verisk chose Oracle
Verisk had a decades-old, on-premises Oracle PeopleSoft platform for core human resources and used different applications for recruitment, compensation, learning, and time and absence.
Company leaders chose Oracle Fusion Cloud HCM to enable self-service capabilities and support a better employee and manager experience. Looking towards the future, they viewed Oracle Fusion Cloud HCM as a platform designed to scale with Verisk and provide the features the company would need as business needs evolved.
Results after go-live, 6 days to first payroll run
Oracle Fusion Cloud HCM brought key HR functions onto one platform, including the human resources foundation, recruitment, learning, expenses, time and labor, absence management, payroll, and compensation.
Within six days of going live, Verisk ran its first payroll on the Oracle system. Within about three weeks, it ran its first compensation cycle.
With Oracle Fusion Cloud HCM, Verisk could more easily view employee data, including compensation details and history. That visibility supported compensation views and greater transparency. With better access to the data, the company expects managers will take a more active role in short-term incentives and other compensation decisions.
Expanding self-service and reducing routine tickets
With self-service capabilities in Oracle Fusion Cloud HCM, Verisk also expects to reduce time spent on employee help desk tickets. End users can complete more updates themselves, such as managing personal information.
This shift can help Verisk HR professionals spend more time on strategic business support, such as helping managers hold productive performance conversations and creating HR initiatives that promote career development.
Exploring additional capabilities and AI
Verisk plans to explore additional capabilities across Oracle Fusion Cloud HCM. For example, an embedded AI tool will be able to help draft job descriptions consistent with the company’s values, culture, and skills, which HR and the hiring manager can review and revise.
Verisk also sees opportunities to use AI to help develop career paths and learning opportunities, such as generating learning plans and suggesting employee goals based on past performance and identified skill gaps.
Partners
IBM assisted Verisk with adopting Oracle Fusion Cloud HCM and connected the company with IBM clients that had completed HCM implementations so Verisk could learn from their experiences.