Description

On this episode of the Scouting For Growth podcast, Sabine VdL talks to Stephen Lathrope, a seasoned executive and proven business leader who has worked as a partner, CEO, and executive director of private equity-backed financial services and technology businesses. Stephen has also led large teams within a very well-known consulting firm.

Today, Stephen leads the insurance practice at ICEYE, a geospatial data provider to the insurance and government sectors. According to a report by MarketsandMarkets, the global geospatial analytics market is estimated to grow at a CAGR of 12.2% from $68 billion in 2022 to $120 billion by 2027. One of the main drivers is the increasing demand for location-based services across industries, including transportation, construction, and agriculture, as well as urban planning and management, disaster response, and environmental monitoring.

Over the course of the podcast, they explore what geospatial data is used for. How does geospatial inform the future of underwriting and claims? Deep dive into examples as to where geospatial data is best used, and Stephen will give us some advice for insurance companies looking to incorporate geospatial data into their underwriting and claims processes.

KEY TAKEAWAYS         

• ICEYE has been around since 2014 as an organisation that is one of the leaders in new space technologies. The founders miniaturised synthetic aperture radar technology and put it on miniaturised satellites. The first use case for that is for monitoring ice flows in the northern seas for freight planning, hence the ‘ICE’ part of ICEYE. What it does today is build and operate its own constellation of radar-enabled satellites. For insurance, we use them to observe hazards and damage related to natural catastrophes, and we can also monitor assets on the ground. We can measure very small movements in vehicles, buildings, and the Earth's surface.
• The opportunities for insurers around catastrophic events are really significant. What we can do with new technology is provide much more rapid insight into where the water is and where the high-water mark has been, within an event. We can provide our customers with an initial view of where the water is within a few hours, and we provide very detailed reports on flood depth and water depth with a high degree of accuracy.
• Our customers associate that with the perimeter of individual buildings, which enables them to very quickly identify which of their customers need assistance most urgently, how much water is likely to be around a property, the extent of the damage, and where to allocate resources on the ground. The data we provide is used to estimate the overall event cost and the potential damage cost for each building.
• One of the very common challenges we face with our customers is asking, “Do you really know where the properties that you’re insuring are?” It’s a factor of how often we can say the water is at 1 metre depth at a particular latitude and longitude, and the insurer is trying to work out where that is relative to the properties they know are affected by the event.

BEST MOMENTS

‘ICEYE is bringing wholly new technology to bear in an industry that has loads of opportunity to do things differently and better for customers and stakeholders using the insights that we can provide from space and with data and analytics.’
‘The majority of what we’re doing in insurance, and with government, is around natural catastrophe: response, and near-term preparation for events that look like they’re about to happen.’
‘There’s only going to be more frequent, more severe flooding. As we speak, there’s a fairly major event happening in Mississippi, which we’re capturing images of from our satellites and reporting upon right now.’
‘We’ve just launched our beta for insurance and wildfire that’s similar. Again, the ability of the radar to see through smoke, cloud, day or night, and report while the fire’s still burning means insurers can have data that’s really detailed, really rapid.’

ABOUT THE GUEST

Stephen Lathrope is a proven technology / financial services business leader with 10 years’ experience in CEO and executive director roles on boards of Private Equity-backed, international financial services/technology businesses, and 20 years’ experience in business and technology consulting.

Sales/growth specialist, with a track record of delivering sales-driven growth in software/services across the UK and international markets.

ABOUT ICEYE

ICEYE is a Finnish microsatellite manufacturer. ICEYE was founded in 2014 as a spin-off of Aalto University's University Radio Technology Department, and is based in Espoo.

ABOUT THE HOST

Sabine VanderLinden is a corporate strategist turned entrepreneur and the CEO of Alchemy Crew Ventures. She leads venture-client labs that help Fortune 500 companies adopt and scale cutting-edge technologies from global tech ventures. A builder of accelerators, investor, and co-editor of the bestseller The INSURTECH Book, Sabine is known for asking the uncomfortable questions—about AI governance, risk, and trust. On Scouting for Growth, she decodes how real growth happens—where capital, collaboration, and courage meet.

If this episode sparked your thinking, follow Sabine VanderLinden on LinkedIn, Twitter, and Instagram for more insights.

And if you’re interested in sponsoring the podcast, reach out to the team at hello@alchemycrew.ventures