Latium Technologies and Aon Revolutionizing Construction Risk Management
Latium Technologies and Aon plc today 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.
The alliance between Latium Technologies and Aon 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.
“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.”
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 modeling (BIM), 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.
“Unlocking the power of IoT is a game changer in construction risk management,” said David Bowcott, global director of growth innovation & insights for Aon’s Construction Services Group. “Latium Technologies’ JSI® platform equips clients with the tools to effectively navigate volatility and lower insurance costs particularly during this hard construction market. We’re proud to work with this innovative company to further extend our commitment to our clients. 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.”
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.
