You could try putting a drill bit inside the shaft from the nock end, and swinging it toward the insert to bust it loose.
Van,You are not using the drill bit to drill. Just put the bit or anything similar in size inside the shaft from the nock end. The heavier the better. Put the nock back on the shaft. Then hold the shaft from the nock end and raise it toward the sky. Swing the shaft fast toward the floor, throwing the bit into the insert. After a few times, most inserts are busted loose and a few more swings can work the insert all the way out.