The pitch comes ahead of a repositioning of the brand that will see the company more than double its adspend from £4.5 million in 2008 to £10 million.
Privilege, which is part of the RBS Insurance Group, is planning on investing most of this into TV in a bid to build awareness of the brand.
It will also assess its use of TV stars, such as Joanna Lumley and Nigel Havers, as well as its strapline: "'You don't have to be posh to be privileged."
M&C Saatchi, the incumbent on the above-the-line business, and Partners Andrews Aldridge, the incumbent on the below-the-line account, have both been asked to repitch.
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