Understory was awarded AgTech Insurance Solution of the Year by AgTech Breakthrough, the company announced recently.

According to a release, the award program recognizes the top companies, technologies and products in the global agricultural technology market.

“Our technology is delivering a step-change in agricultural insurance and closing the protection gap,” Understory Vice President of Global Product and Agriculture Darcy Pawlik said in a statement. “We’re thrilled to be recognized by AgTech Breakthrough.”

Understory, which was recognized for transforming agricultural insurance with its parametric hail insurance product, beat out more than 1,750 other nominations.