They are functionally equivalent. Note that "inserting" is not really a noun, it is a gerund. That means the verb's progressive form functions as a noun. So you have two nouns there, the first one functioning as an adjective. These are sometimes called attributive nouns.
Often people will rewrite gerunds to avail themselves of a "legitimate" noun, if one is available:
insertion of code
But that is just a matter of style and taste.
Note that the shorter version may seem too colloquial for some who believe that brevity is somehow ungrammatical, but unless you wind up with a really outlandish construction using the attributive noun template (I can't think of any offhand), you really can't go wrong with the shortened form.