Lockton, the insurance brokerage, has launched its Asset Connect Ecosystem, a network of risk technology partners designed to help property owners reduce building damage and insurance losses, starting with escape-of-water incidents.
The ecosystem launches with leak detection specialists LAIIER and Watergate which Lockton selected following due diligence, market research and pilot testing. The technologies are designed to alert facility management teams to potential leaks before they cause significant property damage or business interruption. Lockton expects to add further partners to address other building risks.
The initiative aims to simplify access to property risk technology by giving clients and Lockton’s servicing teams a curated list of vetted providers. Rather than independently researching solutions and coordinating multiple vendors, property owners can access selected technologies through the ecosystem. Lockton will also work with each partner to help clients maximise their investments and strengthen their wider risk management strategies.
Escape of water is a significant challenge for property insurers. Such incidents accounted for almost 40% of all property claims across Lockton’s UK and EU real estate portfolio over the past five years, making them the largest source of claims within the portfolio. The brokerage said escape-of-water claims occur nearly 18 times more frequently than fire claims and 150 times more frequently than flood claims.
The impact extends beyond repair costs. Major leaks can disrupt operations, reduce revenue and increase alternative accommodation expenses. They can also damage reputations, particularly in purpose-built student accommodation and residential properties, while persistent water loss can undermine sustainability objectives.
The ecosystem builds on Lockton’s existing Asset Connect device, which consolidates operational data from multiple building technologies into a single platform. Its personalised dashboard enables property owners and operators to monitor building systems, benchmark performance and identify potential risks, improving visibility into building operations.
LAIIER provides integrated sensor technology designed to deliver timely insights into property conditions and identify potential leaks. Watergate combines water monitoring with automatic shut-off capabilities, isolating supplies when abnormal flow patterns or significant leaks are detected. The solutions aim to limit water damage, particularly outside normal working hours, and reduce the severity of insurance claims.
Lockton says the ecosystem can help organisations detect incidents earlier, reduce the frequency and severity of losses, improve portfolio resilience and make more informed risk management decisions. The technologies may also help property owners support environmental, social and governance (ESG) objectives, manage utility costs and potentially secure more competitive insurance premiums.
Lee Pyle, vice-president of client digital solutions at Lockton, said the Asset Connect platform and wider ecosystem bring together technologies that give property owners a more complete picture of building performance and operational risk. He highlighted the leak detection and data capabilities offered by Watergate and LAIIER as valuable additions to the network.
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