Can a heli-coil insert – be replaced?

Looks like it stripped out, what I would do. Either drill it out larger, or drill it out with a bit to clean out what looks to be RTV, liberally spackle some JB weld and on a new insert, and in the hole. Stuff it in, hope for the best. Preferably cleaning out excess JB weld with a bolt or tap so you can thread. Let it cure a day.