In bubble sort in ith iteration you have n-i-1 inner iterations (n^2)/2 total, but in insertion sort you have maximum i iterations on i'th step, but i/2 on average, as you can stop inner loop earlier, after you found correct position for the current element. So you have (sum from 0 to n) / 2 which is (n^2) / 4 total;
That's why insertion sort is faster than bubble sort.