The review is understood to cover LV=’s entire media planning and buying account and does not affect creative agency Designate’s relationship with the brand.
Carat, which was awarded the then £5m account a decade ago, declined to comment on the news. LV= has not responded to a request for comment.
It is the insurance brand’s first major agency pitch since LV=’s marketing director Guy Hedger was murdered last year. Hedger joined the company in 2006 when it was called Liverpool Victoria, and led its rebrand to LV=.
Agencies paid tribute to the marketer, describing him as the “nicest” and “best” client, while LV= chief executive Richard Rowney called him “extremely talented”.
Although Hedger was not replaced directly, the company underwent a restructure in December. Digital director Heather Smith was promoted to chief customer officer, with her responsibilities extended to include direct marketing.
According to YouGov BrandIndex data published last March, LV= was the most recommended insurance brand in the UK.
An ad campaign in 2016 created by Designate used a mix of in-camera models and CGI for its “Good value, great values” campaign. Other marketing activity has seen LV= sponsor Jamie Oliver’s Food Tube and ITV drama Jekyll & Hyde.
LV= appointed TH_NK last year to advise the brand on its digital transformation strategy.