NEXT Insurance makes compensation planning efficient and intuitive with Aeqium

The Company

NEXT Insurance is a digital-first insurer specializing in tailor-made insurance solutions for small businesses and the self-employed. With coverage options including general and professional liability, workers' compensation, commercial property, and more, they cater to over 1,300 types of professions across the US. NEXT’s focus on customization allows them to provide comprehensive insurance solutions that meet the unique needs of each business or individual they serve.

When they faced challenges scaling their compensation planning process in spreadsheets, they evaluated over a dozen compensation management solutions before launching Aeqium’s Compensation Bands and Compensation Cycle Planning tools.

[.quote-green]“Our compensation review ran so smoothly with Aeqium. Our people team, managers, and leadership found it very simple to use. Our CTO says it’s one of the easiest systems he’s ever used, especially for HR tools.” - Elad Shafran, Head of People Operations[.quote-green]

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The Challenge

NEXT needed a compensation cycle tool that met its technical and functional requirements and was easy for its HR team and managers to navigate.

However, most of the solutions they reviewed didn’t meet their most essential requirements:

• Flexibility
• Simple configuration
• Streamlined user experience

“We had a baseline of things that we needed from the tool. So, in our evaluations, we quickly dismissed poor fits. For example, could the solution handle budgets our way? Can we set up permissions in the way we want? Once the functional boxes were checked, we looked at the customer support teams and how the product looked and felt. After looking at so many alternatives, it was really easy to choose Aeqium,” said Elad.

When all was said and done, the team at NEXT chose Aeqium ahead of 12 other alternatives to plan and communicate comp for their 700+ employees.

"We reviewed a lot of systems. Some met the basic criteria, but the simplicity and configurability stood out with the Aeqium. It felt right because we knew we could make adjustments swiftly and not be bogged down by prolonged cycles," said Alex Greenwood, Compensation & People Analytics Partner.

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The Solution

After selecting Aeqium, the NEXT team was able to configure its cycle to meet its exact needs.

“Aeqium is highly customizable and intuitive for both admins and users. We reviewed other tools where you’d need to pay extra for a contractor to configure them. We wanted to handle the setup ourselves, and Aeqium made that easy,” said Alex.

Centralizing their data in one place was a significant advantage for their cycle preparation and execution.

Alex concluded: "It's been so valuable to have all compensation data in one place—HRIS, spreadsheets, equity systems. It simplifies management and visibility across the board and makes the whole process a lot smoother. It’s a big value-add for us."

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The Results

NEXT was able to quickly configure Aeqium and run their smoothest compensation review in company history, all in a matter of weeks.

Elad recounted the implementation experience, "Introducing a new system usually takes time to test and train. With Aeqium, the setup was quicker than anticipated, and we felt confident using it immediately. I feel very comfortable that this will save us time and energy – especially since the next cycle can be cloned and edited. This is a big advantage for us.”

The team at NEXT has one of our favorite ways of measuring success with the program…

“As someone who runs many HR programs, the biggest measurement is the ‘quiet index.’ If you have a noisy process with a lot of confusion, something is wrong. Our cycle with Aeqium was quiet. I didn’t get any comments or phone calls about issues, just praise from our team.”

They’ve received rave reviews from C-Suite executives who were able to start using the tool themselves in just days.

Our compensation review ran so smoothly with Aeqium. Our people team, managers, and leadership all found it really simple to use. Our CTO says it’s one of the easiest systems he’s ever used – especially for HR tools.”

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[.quote-purple]“We reviewed a lot of systems. Some met the basic criteria, but the simplicity and configurability stood out with the Aeqium. It felt right because we could make adjustments swiftly and not be bogged down by prolonged cycles.” - Alex Greenwood, Compensation & People Analytics Partner[.quote-purple]

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Test drive more manageable, more flexible compensation planning with Aeqium.

Compensation teams trust Aeqium for:

✅ Designing total compensation strategies

✅ Automating the prep work that goes into compensation planning

✅ Making data-driven decisions about employee compensation

✅ Seamlessly connecting information from across your people data ecosystem

Why not see for yourself? Book your live screen share here. 👇

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