Final answer:
In the context of an INSERT trigger, the value NEW refers to the new row being inserted into the database. It allows access to the data in the insert operation, while OLD, which is relevant for UPDATE or DELETE triggers, is not applicable in this case.
Step-by-step explanation:
The value NEW in the context of an INSERT trigger represents the new row being inserted into the database table. When an INSERT operation is performed, the trigger has access to this pseudo-record which contains the incoming data. The data can be referenced by using the NEW keyword followed by a dot and the column name. For instance, NEW.column_name would provide the value of that column from the newly inserted row.
It is important to note that the OLD keyword, which represents the old row being updated or deleted, is not applicable in the context of an INSERT trigger, since there is no pre-existing row to reference. The OLD keyword is used in UPDATE or DELETE triggers instead.