You have a decent profile. You can definitely be a candidate for INSEAD or other b school MBA programs - A score about 700, might not make the cut. So, focus on getting a high GMAT.
You may refer to - http://bit.ly/WpovTD
for the process of application for INSEAD business school.
I would also suggest you to apply few more b schools University of California, NYU Stern, Michigan Ross and few other b schools as well. You may also gauge your chances of getting admitted in top business school by trying this tool http://bit.ly/10LIphC
If you happen to be based in Bangalore, you can attend a MBA workshop by the alumnus of ISB along with alumnus of various top global B-Schools during the dates mentioned in this link http://bit.ly/c4mpwT
Feel free to write further queries that you might have.
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