Hello, sorry to hear about your INSEAD decision. You absolutely can reapply for the next intake, but you do need to show improvement. INSEAD even says so on their website: "In general, we do not encourage reapplications unless there has been a significant professional or personal development since the initial application was submitted."

In your case, I think the most obvious place to improve is your GMAT. You have a solid score but it's still below the 700 average at INSEAD. Other questions to consider -- did you demonstrate outstanding leadership potential? If not, are there leadership roles you can take on in the next year? Can you lobby for a promotion at work? Or more management responsibilities? Are there activities outside of work you can pursue to demonstrate you are a well-rounded person? Did you clearly communicate attainable post-MBA career goals or would it help to do some more research there?

I also think experience level is something for you to think about...the average years of experience for INSEAD (and for many full time MBA programs) is about 5 years. That's not to say you're too experienced, but you'll want to make sure you're clearly articulating why this degree is the best option for you at this point.

Good luck and keep us posted if we can help with anything!