System and method using electronic insurance card to facilitate exchanging information and reporting claims

A system for facilitating exchanging insurance information and initiating an insurance loss report or a claim using a mobile communications device, the system comprising:

• a memory element configured to store electronic data;
• a processing element configured to execute software applications;
• a communications element configured to communicate electronic data via an electronic communications network;
• a first electronic insurance card containing first insurance information, wherein the first electronic insurance card is accessible by a first mobile communications device of a first party;
• and
• a software application which is stored on the memory element, wherein the software application is executable by the processing element of the first mobile communications device to:
• transmit, by the communications element of the first mobile communications device of the first party, the first insurance information of the first party to a second mobile communications device of a second party;
• capture, by the processing element of the first mobile communications device of the first party, second insurance information of the second party;
• receive, by the processing element of the first mobile communications device of the first party, location information of a damaged property or an incident scene from a global positioning system (GPS);
• determine, by the processing element of the first mobile communications device of the first party, a geographic location of the damaged property or the incident scene based on the location information, the geographic location being relevant to the insurance loss report or the claim;
• and
• electronically initiate, by the processing element of the first mobile communications device of the first party, the insurance loss report or the claim with an insurance provider by transmitting, via the communications element and the electronic communications network, the first insurance information of the first party, the second insurance information of the second party, and the geographic location of the damaged property or the incident scene to the insurance provider.