Lockton launches property risk technology network

Lockton has launched the Asset Connect Ecosystem, a network of technology partners designed to help property owners and operators manage building risks, initially focusing on water leaks.

The first partners are LAIIER, which provides sensor technology for leak detection, and Watergate, whose smart water system combines monitoring with automatic shut-off capabilities. Lockton says it selected the partners following due diligence, market research, and pilot testing.

The network builds on Lockton’s existing Asset Connect device, which brings operational data from multiple building systems into a single platform, with dashboards for monitoring and comparing performance and risk across properties. Additional partners will address other building risks.

According to Lockton, water leaks accounted for almost 40% of property claims across its UK and EU real estate portfolio over the past five years, occurring nearly 18 times more frequently than fire claims and 150 times more frequently than flood claims.