explain the process flow of an insurance industry

1.a)Fill documents and identity verification of the client.

b)Pay insurance fee.

2.Someone buys insurance

3.Insurance company accepts insurance

4.The insured person or company suffers loss

5.Insured person or company claims insurance from the insurance company.

6.The insurance company investigates the loss.

7.If the investigation finds it is legit they pay the insurance , else they refuse to pay the compensation.

8.Renew the Insurance policy.