Well... "Insignia" isn't particullarly my area of deep knowledge, but I know enough to tell you a couple of things about your find. Of course, it'd help for you to tell us more info - such as, was it dug in a spot associated with other military relics (or not). A battlefield or fort, or a public park, or a churchyard? Is it thin "stamped" metal, or (heavier) solid-cast metal? Also, there's noting in the photo with it to provide scale, so I've got to ask, what is its size?
(1) The "style" of your insignia is what is called "false embroidery" ...because it has the appearance of embroidery even though it is made of metal, not thread.
(2) The loop at the top indicates it functioned as a "pendant" of some sort ...hanging from a sailor's medal, or on a watch-chain, or as part of a hat-insignia, or (uh-oh) a modern era zipper-pull.
I've seen some 20th-century Navy insignia which has a very similar shape to yours - but that doesn't mean your item is from the 20th century. Hopefully there's an Insignia expert around here who'll be able to tell you something more definite about your item than I can.
Regards,
TheCannonballGuy