In 1994, in conjunction with the Iowa Insurance Commissioner’s Golf Outing event, a group of five insurance executives established a charitable trust to hold and administer funds raised through the annual golf outing, along with other contributions received throughout the year. The trust was deemed to provide insurance education scholarships to students attending Iowa colleges and universities and would then be known as The Iowa Insurance Education Scholarship Fund.

The golf outing fundraising format continued to be used for many years, even after the trust was amended in 2006 for the purpose of adding focus to financial services and expanding use of the trust proceeds to fund scholarships for financial services and insurance-related educational programs. The name of the trust was then changed to The Iowa Insurance and Financial Services Education Foundation (IIFSEF), as it is known today.

In 2015 the annual fundraising event was changed to enhance networking opportunities for the student scholarship recipients and those working in the industry alike. The event, known as reCONNECT, is held each fall in downtown Des Moines, Iowa. The Iowa Insurance and Financial Services Education Foundation continues to be governed by a board of directors, all who work in the insurance and financial services industry.