REIX - Real Estate Insurance Exchange

Q & A: Jaison Thomas, Advisory Board Member

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In celebration of REIX’s 30th anniversary, we’re profiling some of the people behind the scenes so we can put faces to names and learn a little bit more about them (for instance, what they doing in 1991 and do they have a motto?)

Why did you decide to join the REIX Board this year?

I wanted to expand my real estate career and take on a Board role. I also want to learn more about risk mitigation and the insurance industry as it pertains to the real estate sector.

What is one thing you think makes a successful agent?

To be able to build strong relationships and being a subject matter expert. Treat people like you want to be treated and also always be on top of education and regulatory matters in the business.

What is your motto?

“Don’t Worry. Be Happy.”

If you could wave a magic wand and fix one thing in the industry what would it be?

I think it would be how some realtors are careless about their business. We are professionals and must meet a high standard like other professionals in other sectors.

What were you doing in 1991?

In 1991, I was graduating from the University of Calgary with a Bachelor of Commerce degree, specializing in the Management of Information Systems (MIS). It was a depressed economy at that time and it was tough finding work in my field in Calgary. I ended up in Norman Wells, NWT working for Imperial Esso as a summer student.

What are the biggest changes you’ve seen in real estate and/or insurance in the past 30 years?

The pace of technology change has been phenomenal and I have only been in the business since 2007.

What is the best gift you’ve ever received?

There is a saying: “Yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the present.”

What is something you enjoy doing that you think no one would expect from you?

Being a stand-up comedian. I have always loved comedy, especially stand-up comedians like Jerry Seinfeld.

How do you spend your time when you’re not working with REIX?

Reading biographies of how people started their businesses. I just finished reading The Founder, which is the story of Ray Kroc, the Founder of McDonald’s. Quite fascinating.

The Real Estate Insurance Exchange (REIX) provides mandatory errors and omissions insurance to approximately 13,500 Alberta and Saskatchewan real estate industry members and protects them from financial loss due to negligent acts while performing their real estate duties. Follow us on Facebook!

Multi-Factor Authentication on your business email account

If you already need a separate passcode (e.g. a code texted to your cell phone) to access your email  for the first time on a new device, or to view it on the web, then you already have this.

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Weekly backups for your business computer systems

Your computer systems, such as your PC and your phone, contain mission-critical data on them – regular backups are a simple and effective way to ensure disruptions to you and your clients are minimized in the event disaster strikes.

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Firewalls on your internet access

Almost all internet connections have a firewall built in to prevent people from freely accessing your home or business network, or worse, your computer’s files.  You most likely already have this in place, but we encourage you to familiarize yourself with the key piece of security equipment.

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Endpoint Protection (a.k.a. anti-virus)

An up-to-date endpoint protection software is key to keeping your PC safe from viruses – it’s simple to install and may already have it included free with your computer (e.g. Windows Defender). It scans files, emails, and more to make sure nasty viruses and code to infect your PC.

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Security and Privacy Liability

Provides coverage, including legal expenses and damages, for any claim made against you for any actual or alleged breach of privacy, damage to the computers or systems others, unauthorized disclosure of data, and more, arising out of your professional services.

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Data Recovery and Loss of Business Income

a) Pays for the expenses related to investigate, repair, and manage a cyber event, including but not limited to: damage and interruption by a computer virus or malicious code, accidental damage or destruction of data, and malfunctions.

b) Reimburses you for lost income as a result of a cyber event – subject to an 8 hour waiting period.

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Event Management Expenses

Covers the costs associated with a breach of your systems to ensure you meet the requisite privacy legislation requirements – including notification costs as well as credit monitoring and other support for affected clients.

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Data Extortion

Provides services and coverage for expenses related to cyber extorsion threats (e.g. ransomware) – including the costs to manage the event and, where necessary, pay the ransom.

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Social Engineering Fraud

This is coverage for your clients – it covers them for lost deductibles as a result of somebody using your identity and business relationship as part of a real estate deal to convince them to send their deposit to the wrong place.

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Security and Privacy Liability

Covers legal expenses and damages for any claim made against you for breach of privacy, damage to the computers or systems of others, unauthorized disclosure of data, and more, arising out of your professional services.

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Data Recovery and Loss of Business Income

Pays for expenses related to investigating, repairing, and managing a cyber event, and reimburses you for the income lost due to the event.

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Incident (Event) Management Expenses

Covers costs associated with ensuring you meet the requisite privacy legislation requirements post-incident — including notification costs, credit monitoring, and other support for affected clients.

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Data Extortion

Provides services and coverage for expenses related to cyber extortion threats (e.g. ransomware) — including costs to manage the event and if necessary, pay the ransom.

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Social Engineering Fraud

Covers the actions of third parties who fraudulently cause the diversion of deposit funds from a real estate trade.

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Multi-Factor Authentication (MFA):

Multi-step account login process that requires users to enter more information than just a password, like a code sent to their email or phone.

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Weekly Backup:

Copies your files to a safe secondary location for preservation in case of equipment failure or cyber incident.

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Firewall:

Network security device that monitors traffic to or from your network to prevent people from freely accessing your home or business network, or worse, your computer’s files.

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Endpoint protection (anti-virus):

Endpoint security system scans files, emails, and more to protect against viruses, malicious code, and other cybersecurity threats on your desktop, laptop, and mobile devices.

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