When a molecule is exposed to an electric field ɛ, electron density is polarized away from the nuclei. A dipole is thus created due to the asymmetric distribution of electron density.
The induced molecular dipole created is proportional to the strength of the electric field (ɛ) as well as the polarizability of the molecule, α.
Polarizability allows us to better understand the interactions that occur between non polar atoms and molecules and other electrically charged species. In general, polarizability correlates with the interaction between electrons and the nucleus.
Polarizability has units of volume, which roughly correspond to the molecular volume. A large polarizability corresponds to a "soft" cloud of electron density, which is easily distorted by electric field.