I'd be hesitant about this. Penetration by it's definition since 2007 has always been "Penetration by objects that aren't normally used for penetration" and insertion since 2006 was "the act of putting one thing into another." It wasn't until recently that insertions definition was altered to be "inserting an object into a bodily orifice as a sexual practice, but the tag is not exclusively for this purpose."
While penetration might fall under insertion, insertion in my mind is too open for things that wouldn't fall under penetration. I'd go for an implication and reject an alias.
