Abstract: A system and method for exchanging insurance information and initiating an insurance loss report and/or claim using a mobile communications device, such as a smartphone. The information of a first party is stored on an electronic insurance card (e.g., virtual insurance card) on the mobile device, and transmitted to a second party's mobile device. The information of the second party is captured on the first party's mobile device, either by being similarly transmitted or photographed. The report and/or claim may be initiated by transmitting the parties' information to an insurance provider. A procedure for initiating the insurance report and/or claim with a second insurance provider may be determined based upon the information of the second party, and may include transmitting the parties' information to the second insurance provider or to its agent. Electronic images taken with the mobile device and/or a geographic location determined by the mobile device may be transmitted as well.