The company has shortlisted four undisclosed shops to pitch for the business. The review is being handled by the Observatory.
Allianz does not retain a below-the-line agency. The German insurer has previously worked with the now-defunct WWAV Rapp Collins Leeds, and the Direct Agency, which handled the group's Premierline Direct and Pet Plan brands respectively.
The Allianz group's brands also include the car insurance company Cornhill Direct, as well as its own commercial, personal, engineering and legal insurance services.
Last year, the German company, formerly known as Allianz Cornhill in the UK, announced it was dropping the Cornhill name. The pitch is part of a global drive by the insurer to raise awareness of the Allianz brand.