Canadian engineering company Latium Technologies is working with UK professional services firm Aon to use IoT technology as a risk mitigation tool for construction sites.

They will use Latium’s Job Site Insights (JSI) IoT application and suite of products.

The alliance between Latium and Aon brings technology to contractors and owners, so they can prevent incidents before they happen, realise 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,” said Mark Bryant, CEO of Latium Technologies. “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. 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 offers a suite of IoT telemetry that creates smarter construction sites through real-time data insight, analytics and alerts. JSI combines building information modelling (BIM), IoT and artificial intelligence (AI) in a platform that 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 can increase 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, a director in 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 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 helps clients leverage emerging technologies and new ways of working that advance their strategic initiatives. JSI is part of Aon’s technological evolution to deliver products that meet clients’ needs today and tomorrow, in a transparent and efficient way, through partnerships.

Specialising in IoT for construction, mining, oil, gas and pipeline industries, Latium has a scalable, field-proven suite of applications to reduce cost, enhance logistics, bolster safety and increase visibility using an analytics platform.

Aon has 50,000 employees in 120 countries using proprietary data and analytics to deliver insights that can reduce volatility and improve performance.