Insurers looking to make bold moves in technology innovation have found a new best friend: The startup community.

Commercial lines insurer XL Group announced a venture capital fund, XL Innovate, that will "have a strategic focus on developing new capabilities in the insurance sector." The company joins such peers as AXA, which announced a €200 million venture capital fund of its own in February, and American Family, whose American Family Ventures launched in partnership with Microsoft last year.

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