Hi, I just got a reply from INSEAD admission officer telling me that the Marketing area is currently reviewing applications. They will group applications and continue to evaluate them until they offer and fill their PhD position allocation. It is a cycle, so they will repeat the process by groups until they find two candidates to fill the spots until the end of March. I guess this also happens in your area since the admission officer is not area specific. Cheer up! Just relax yourself and wait for the update optimistically cuz everything is uncertain and thus possible!