Damien Mu speaking during the Melbourne leg of the roadshow last week. Photo: Kylie Iva.

AIA chief executive Damien Mu believes the life insurance industry hasn’t been valued enough by successive governments, but the sector will benefit from positioning itself better during this generation of retirement reforms.

Speaking on the final leg of the AIA Adviser roadshow in Sydney on Wednesday morning, Mu told advisers in the room the insurer will re-position itself as part of the retirement solution rather than being removed from it.

“It’s been a bit of a mission,” Mu said.

“I have a real grudge that life insurance wasn’t valued the way it should be by people in positions of government.

“When I was thinking about all the changes that need to be made and things we weren’t doing or could do better, I was really angry about that.”

Mu said he was trying to advocate for how important life insurance is when it comes to supporting society and the economy.

“I was banging the drum,” he said.

“We had some success – collectively in the industry, not just me. What I realised is maybe I was banging the drum loudly, but not necessarily the right one. What I mean by that [is] we’ve got to step back now and think about how important it is that we talk about how we help resolve the macro-economic issues the government are trying to deal with.”

The miscalculation of previous advocacy, Mu said, was trying to set up a different path for life insurance, which was alongside retirement, aged care and healthcare, rather than how it functions collectively.

“Let’s not try and create another system,” he said.