The review is being run through ISBA and includes the media activity around its direct business and the sale of its services via independent financial advisors.
Vizeum, which has handled the business for the past four years, has decided not to repitch.
A spokeswoman from Hiscox said: "We are putting our media planning and buying out to pitch. After four years working with Vizeum, and with our business continuing to grow, it’s the right time for us to review our media arrangements."
In February, Hiscox appointed VCCP to create a multimedia campaign across Europe promoting an online subscription platform.