Aon plc and Latium Technologies has announced a strategic alliance to introduce Latium’s Job Site Insights (JSI) Internet of Things (IoT) application and suite of products as a foundational risk mitigation tool for contractors and owners.
Aon observed a 30 percent average increase in insurance costs across construction project premiums from 2019 to 2020 with this trend continuing to accelerate in 2021. At the same time, builders are facing higher material and labor costs, accepting greater exposures and responding to rising demand.
The alliance between Aon and Latium Technologies brings industry-leading technology to more contractors and owners, so they can prevent incidents before they happen, realize lower insurance costs and obtain more comprehensive terms for their insurance coverage as part of Aon’s holistic risk management program for construction clients.
“Unlocking the power of IoT is a game changer in construction risk management. As we help clients rethink access to capital, this collaboration bridges a data gap to better inform their insurers and help them more effectively price risks,” said David Bowcott, global director of Growth Innovation & Insights for Aon’s Construction Services Group. “At Aon, we are laser focused on preventing incidents before the claim happens with the goal of reducing costly rework, speeding up construction timelines and enabling more effective risk management. Latium Technologies’ JSI® platform represents a great opportunity to experiment with the myriad of IoT devices to arrive at an optimal configuration for each unique site to improve productivity and reduce risk.”
Latium Technologies offers a suite of IoT telemetry solutions that create smarter construction sites through real-time data insight, analytics and alerts. JSI® combines building information modelling, IoT and Artificial Intelligence (AI) in an easy-to-use platform that substantially enhances overall visibility and management of a construction site. Through continuous monitoring, JSI® alerts teams to conditions as soon as they fall outside their accepted or expected parameters for prompt remediation -- and automates critical response actions -- so contractors and owners can prevent, mitigate and eliminate incidents that typically result in costly claims, rework, schedule delays and impacts to operational efficiency. JSI® increases a project’s overall bottom line, while enhancing construction quality and jobsite safety.
“Too often, projects are compromised by risks that result in expensive delays and insurance claims. JSI® is the only smart construction solution that combines innovation and IoT in the areas that need it most, like water-damage risk, one of the most expensive risks at the workface of construction,” said Mark Bryant, CEO of Latium Technologies. “Our work with Aon amplifies the importance of much-needed industry change to enable world-class risk management and insights, and we’re thrilled to bring the power of IoT innovation and protection to Aon’s clients.”
This innovative technology supports multiple stakeholders throughout the construction process – including the building owner, contractor, site supervisor, project manager and insurer – with quantitative data regarding costs and insurance needs both during construction and into the operational phase of assets.
Aon is committed to helping clients leverage emerging technologies and new ways of working that advance their strategic initiatives. JSI® is part of Aon’s technological evolution to deliver new products that meet clients’ needs today and tomorrow, in a transparent and efficient way, through innovative partnerships.
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