VCCP will repitch in the review process, which is being managed by ISBA.
Will Abbott, the UK marketing director for Hiscox, said: "We are moving into the next exciting phase of the brand’s development and felt that the time was right to look at our creative agency relationship.
"We are very grateful to VCCP for their contribution to the brand and in particular the ongoing success of our small business campaigns.
"However, it is also important to us to seek out fresh insights that can help evolve our advertising further."
Last year Hiscox appointed Goodstuff to its £8 million media account, following a competitive pitch.