The appointed agency will be responsible for all of LV=’s digital marketing services, including e-mail marketing, search engine optimisation, digital creative, social media and digital buying.
LV=, which has a presence on social media sites such as Facebook, YouTube and Twitter, also has online forums where consumers can discuss financial matters.
A LV= spokeswoman said the review is part of "normal business activity" and confirmed agencies have already been contacted through the intermediary Creativebrief.
Harvest Digital intends to repitch for the business.
The LV= media agency, Carat, and the brand’s creative agency, Designate, are unaffected by the review.
Last year, LV= launched its biggest-ever campaign for its car-insurance brand after finding it was gaining more than 1,000 new customers every day.