Topic 1: Categorical Statistics in the Insurance IndustryIf you have had teenaged drivers in your household, you know that they are particularly expensive to insure – worse so if they are boys! This Discussion will focus on how categorical analytics is used in the insurance industry. Think of the insurance industry broadly: Auto, Home, Life, and Business. Complete the following for this discussion board:Research how the insurance industry generally uses categorical statistics to determine how much to charge their policy holders for their premiums. Remember to think beyond auto insurance and consider looking at life, health, homeowner’s insurance, etc. Summarize how insurance uses categorical analytics and cite your source.Find an example of where an insurance company used categorical analytics to make insurance decisions and summarize it for the class. Cite your source.Share at least two specific things you learned in your research about the use of categorical statistics, probability, and risk in the insurance industry.Feel free, but not obligated, to share personal experiences that illustrate how statistics and insurance costs related.Read and respond to at least two of your peers’ posts, discussing specifically the intersection of categorical statistics and insurance premium costs.