Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions and Latium Technologies, a leading Industrial IoT firm, 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.
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.
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.
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.