EPISODE · Jun 8, 2023 · 43 MIN
Stephen Lathrope: Using Geospatial Data To Drive Dynamic Underwriting
from Scouting for Growth · host Sabine VdL
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 [email protected]
What this episode covers
What if the biggest breakthrough in insurance underwriting and claims isn’t happening on the ground—but hundreds of kilometres above it? In this episode of Scouting for Growth, Sabine VdL sits down with Stephen Lathrope, Insurance Practice Lead at ICEYE, to explore how geospatial data and satellite intelligence are redefining how insurers understand risk, respond to catastrophe, and serve customers when it matters most. This is not a futuristic discussion—it’s about capabilities already reshaping decision-making in real time. Stephen brings a rare blend of perspectives to the conversation. With decades of experience spanning private equity–backed businesses, executive leadership, and large-scale consulting, he now operates at the intersection of insurance, technology, and space. At ICEYE, that intersection is literal. The company builds and operates its own constellation of radar-enabled satellites—miniaturised synthetic aperture radar (SAR) technology that can see through cloud, smoke, and darkness, day or night. ICEYE’s origins were pragmatic. Founded in 2014, its initial mission was to monitor ice flows in northern seas to support freight planning. Today, that same technology underpins some of the most advanced applications of geospatial intelligence in insurance—particularly around natural catastrophe response. The conversation dives deep into what this means in practice. When flooding occurs, insurers no longer have to wait days—or weeks—for clarity. ICEYE can identify where water is, where it has been, and how deep it is within hours of an event. That data is then overlaid with building footprints, enabling insurers to pinpoint which policyholders are most affected, estimate damage severity, and prioritise resources with precision. One of the most striking insights Stephen shares is deceptively simple: many insurers don’t actually know, with confidence, where all the properties they insure are located. When catastrophe data is expressed as latitude and longitude, the real challenge becomes mapping that intelligence accurately to portfolios and customers. Geospatial analytics closes that gap—turning abstract coordinates into actionable insight. Beyond floods, the discussion expands to wildfire. ICEYE’s radar technology can see through smoke and cloud, capturing data while fires are still burning. That capability allows insurers to assess exposure, estimate damage, and plan responses while events are unfolding—not after the fact. As climate volatility increases, that speed becomes a strategic advantage. Stephen is clear that this isn’t just about efficiency—it’s about empathy and outcomes. Faster, more accurate data enables insurers to reach customers sooner, allocate claims resources more intelligently, and move from reactive processing to proactive support. For governments, the same insights inform disaster response and near-term preparedness. Throughout the episode, one theme stands out: geospatial data changes the insurance value chain. Underwriting becomes more precise. Claims become more responsive. Risk management shifts from retrospective analysis to near-real-time understanding. This episode is essential listening for insurance executives, catastrophe modelers, claims leaders, and innovation teams navigating a world of more frequent and more severe events. It’s a reminder that the future of insurance won’t be built on assumptions—but on observation, accuracy, and speed. Because when you can see risk clearly, you can act decisively—and serve customers better. And that’s exactly what Scouting for Growth is here to surface.
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Stephen Lathrope: Using Geospatial Data To Drive Dynamic Underwriting
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