Hi and thanks for your post!
Applying Round 1 and 2 give you the best chance, by far, to be admitted. So if you are considering applying after Round 2 (aka the January deadline), know that it is very challenging to get in because there are not as many spots left.
I would suggest waiting, not only because of that reason, but also to give you time to increase your GMAT score. While a 690 is solid, you improve your chances of admission if you increase that, even by a small amount. This is even more crucial because your GPA is below the average of your target schools, so you really need to illustrate that you have the quantitative ability to succeed in the classroom.
And as for earning a scholarship at INSEAD, that is even more competitive to attain, which is all the more reason to do everything you can to improve your profile.
I hope that helps. If you would like me to do a full review of your profile after I have seen you resume, please sign up for a free consultation.
Best of luck to you!