The brand, which is part of the RBS insurance group, is aiming to boost its consumer presence. It is doubling its adspend this year from more than £4.5m in 2008 to £10m.
The bulk of Privilege's marketing budget will now be invested in television ads to build brand awareness.
As part of the review, the brand will assess the use of celebrities in its advertising, as well as its strapline, 'You don't have to be posh to be privileged.' Actors Joanna Lumley and Nigel Havers have both appeared in ads for Privilege.
The brand wants to retain its mass-market appeal, but is also targeting a consumer group it describes as 'the new Joneses'.
'[Members of this group are] a bit older, a bit more affluent and discerning', said Chris Watney, head of brand for Privilege and Churchill.
The brand plans to consolidate its digital, above- and below-the-line work into a single agency or group. Incumbent agencies M&C Saatchi, which handles above-the-line, and Partners Andrews Aldridge, which handles direct, have been invited to pitch.
The review is being handled by creativebrief.