Think about cut in insurance (4,4)
I believe the answer is:
chew over
'think about' is the definition.
(I've seen this before)
'cut in insurance' is the wordplay.
'cut' becomes 'hew' (I've seen this before).
'in' indicates putting letters inside.
'insurance' becomes 'cover' (I've seen this before).
'hew' put inside 'cover' is 'CHEW OVER'.
(Other definitions for chew over that I've seen before include "Reflect on" , "Think about informally - while masticating?" , "Ponder" .)