Verisk unifies HR data and capabilities with Oracle Fusion Cloud HCM

Verisk is a leading strategic data analytics and technology partner to the global insurance industry. Because the company ran key HR functions using multiple applications, processes such as accessing benefits enrollment and training were fragmented, and the company’s HR team was looking to reduce the amount of time spent managing these routine tasks. Oracle Fusion Cloud HCM combined all HR processes into one platform, creating a consistent overall experience for employees, increasing interconnectivity, and freeing up time for HR staff to spend on more strategic initiatives.

Verisk had a decades-old, on-premises PeopleSoft platform for core human resources and was running different applications for recruitment, compensation, learning, and time and absence.

Company leaders ultimately chose Oracle Fusion Cloud HCM because it would enable self-service capabilities, resulting in an improved employee and manager experience. The company, which strategically moved to the cloud, saw Oracle Cloud HCM as a platform that would not only scale along with Verisk, but would also offer the breadth of features the company was looking for.

Oracle Cloud HCM gave Verisk all the key HR functions it needed in one platform, including recruitment, learning, expenses, time and labor, absence management, payroll, and compensation. Within just six days of going live, Verisk was running its first payroll on the Oracle system. Within about three weeks, it was running its first compensation cycle, when the company reviews and adjusts employee pay and incentives.

Using Oracle Cloud HCM, the insurance data analytics and technology company could easily see employee data, including employee compensation details and history. Visibility into this kind of data helped Verisk streamline views of compensation for greater transparency. With better access to this data, the company expects that managers will get even more involved in short-term incentives and other compensation decisions.

With the self-service capabilities in Oracle Cloud HCM, the company foresees being able to reduce time spent on employee help desk tickets by increasing end user capabilities. Now, employees are empowered to use the self-service portals to make updates, such as managing personal information. This increased connectivity allows Verisk HR professionals to devote more time to strategic business support, such as helping managers hold productive performance conversations with employees and creating HR initiatives to promote career development.

In the future, Verisk plans to explore additional capabilities across the Oracle Fusion Cloud HCM suite of modules. 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. There are also opportunities to use AI to help HR teams develop career paths and learning opportunities, such as generating learning plans and providing suggestions for employees’ goals based on past performance and skill gaps it identifies.