Application Insights simply put is Application Performance Management for web developers (or DevOps) on multiple platforms
Are you trying to solve how to monitor application performance?
Do you need to monitor application performance for ASP.NET, Java or Node.js apps?
SCOM can monitor, but not necessarily with the same functionality
Riverbed makes products, but at a higher cost
Much like SCOM APM agent, application Insights Monitors the same information, without having to setup SCOM in Azure
This is also an OMS solution, so if you're using Azure for Web Applications, this should be on the to-do list
How about application Telemetry data?