NEXT Insurance Builds a Robust Tech Stack & Extends Small Business Insurance

• Integrated vendor management, invoice processing, payments, and tax compliance with ERP, NetSuite
• Saved 2+ hours per week streamlining approval workflow
• Processing 1k+ invoices per month

HQ Palo Alto, CA
Customer Since 2020
Industry Insurance

Starting a small business is…risky business. NEXT Insurance gives small business owners the confidence to take calculated risks. Offering general liability, workers’ compensation, commercial auto, commercial property, and more, NEXT Insurance is actively helping over 300,000 businesses by providing simple, customized, and affordable coverage.

NEXT Insurance’s Chief Corporate Officer, Michelle Cheung, had a vision for building the company’s tech stack.

“Our finance team wouldn’t have kept up with the pace at which the company was growing without the FinOps solutions that we have in place today. And where we see it going is even more automated—even more streamlined,” Cheung said.

NEXT Insurance needed financial operations solutions that would fully integrate with its ERP, NetSuite, to ensure more efficient processes. Manually inputting documents into its ERP proved to take too much of the finance team’s time. 

“One of the first things we considered when looking at new tools is ‘how does it integrate with NetSuite?’ Then we identified our pain points – and a major one was managing our vendors and processing invoices. Our process was very manual, having to track down the emails to all department approvers.” NEXT Insurance’s Corporate Controller, Byron Whitman, explained.

NEXT Insurance’s finance team was small, driving the need to improve their month-end close process and eliminate the manual workload.

“Our team spent a lot of time tracking down and following up on invoice approvals from departments via email. And we had to organize what was approved and what was not approved continuously,” Whitman said.

NEXT Insurance upgraded to Tipalti to improve its AP processes. Whitman and Cheung were satisfied with the solution – simplifying their approval process and significantly expediting monthly close time. 

“We were looking for something that made the approval process better. We liked the efficiency of Tipalti’s approval flow and its simplicity. It was very user-friendly and integrated well with NetSuite,” Whitman noted.

With its modernized finance function, NEXT Insurance elevates human value on a business level. 

Whitman explained, “Our team is set up well for the future. We have seen many efficiencies in the past year with our tools and continue to look at tools that can help us scale even further.”