Lockton, the insurance brokerage, has launched its Asset Connect Ecosystem, a network of risk technology and industry partners designed to help property owners and operators reduce building damage, 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 companies will provide technologies designed to alert facility management teams to potential leaks before they cause significant property damage or business interruption. Lockton expects to add further partners covering other building risks.

The initiative aims to simplify access to risk management technology by giving clients and Lockton’s servicing teams a curated list of vetted providers, reducing the time spent researching solutions and coordinating multiple vendors. Lockton also plans to work with each partner to help clients maximise their technology investments and strengthen risk management strategies.

Water damage represents a significant challenge for property owners. Escape-of-water incidents accounted for almost 40% of property claims across Lockton’s UK and EU real estate portfolio over the past five years. The brokerage said such claims occur nearly 18 times more frequently than fire claims and 150 times more frequently than flood claims.

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 environmental, social and governance (ESG) objectives.

The ecosystem builds on Lockton’s existing Asset Connect device, which consolidates operational data from different building technologies into a single platform.

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