The insurance industry is a crucial part of not only the world's financial systems, but also the day to day life of many people. With the rapid expansion of both availability and quality of data, new paths to innovating the insurance industry are continually emerging. In this talk we will discuss what big data and predictive analytics may be able to provide to insurers and more importantly what challenges insurance companies will face in attempting to realize these benefits. For example, how can one develop and use predictive models to simplify the risk selection process and improve the customer experience? What type of predictive models can be made using today's data sources as well as tomorrow's?