The Aegis agency, which already handles the media business for LV=, is believed to have won the brief after pitching against Nationwide's incumbent agency Media Planning Group. Last month, Nationwide awarded the creative brief to Karmarama.
MPG will continue to handle Nationwide's £20m mainstream planning and buying business, which it won in March, edging out Carat and incumbent Mediaedge:cia with its digital plans for the banking group.
The specialist arm of the building society was first announced in June and will incorporate car, travel and business insurance through a new six-year partnership with LV=.
A multimedia advertising campaign, including TV, print and direct mail, is expected to be rolled out nationwide at the start of 2009 to promote the new venture.
Direct response advertising will play a key part in the campaign and Peter Gandolfi, head of brand strategy at Nationwide, admitted he was "impressed" with Carat's expertise in the area and industry knowledge.
The appointment is Carat's first major win since landing the £35m global media planning and buying account for kitchen and bathroom company Kohler in June.
LV= will manage the sales, underwriting and administration of the policies, in addition to handling all marketing, planning and budgeting for the division on behalf of Nationwide. All existing insurance customers at Nationwide will have their policies transferred to LV= when they come up for renewal.
LV= has stated that its ambition is to become a top five insurer by 2012, while Nationwide, the UK's second biggest mortgage lender, is aiming to extend its offering to make it more competitive with rival high-street banks.
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