Dare was the incumbent until April this year after it won the business in 2009 following a pitch.
The appointed agency will be expected to develop Standard Life's online presence and digital advertising, as well as work on strategy, mobile and social media.
Kevin O'Shaughnessy, the group digital director at Standard Life, is handling the process.
VCCP, which is the incumbent on Standard Life's advertising account, is unaffected by the review.
The search for an agency follows a recent restructure of Standard Life's global business, which included the departure of its UK marketing director, Bruce Kelsall, after nearly three years at the company.
As part of the restructure, the group director of communications, Graeme McEwan, has been promoted to director of group communications and brand, overseeing Standard Life's company-wide brand strategy.
O'Shaughnessy said: "Digital is core to supporting all of Standard Life's stakeholder channels and we work with a range of agencies with digital capabilities. We have started a pitch process this month to appoint a lead digital agency that we expect to be completed in the next two to three months."Follow @SaraKimberley