Friends Provident, one of the UK's top-20 life assurance companies, currently has an agency roster that includes Pure Media Group and an in-house design studio.
The company focuses the bulk of its adspend on press, online and DM.
Friends Provident has not had a big advertising presence in recent years.
M&C Saatchi was appointed to the account in 1997 but created no big brand campaign. McCann Erickson resigned the brief two years before, saying the company was not committed.
Chris Found, the brand and sponsorship manager of Friends Provident, said: "This is part of an ongoing process that started last year when we cut our roster agencies from 30 to nine."
The review will not affect Friends Provident's media planning and buying agency, Coltman Media Company.