Creating a cutout with derived parts

[cadcamm99]

I am using Inventor 2012.  I have a part that has 3 different inserts of a different material that I have to cut out.  So I create 3 different assemblies with the part and the the 3 different inserts.  Then I create 3 parts to derived the cutouts. Then 3 new assemblies to create the final assembly with the part and its insert.

Does Inventor 2014 have a way to do this with an iAssembly?  I can't seem to derive a member of an iAssembly now. In my old CAD system I was able to create a table with one assembly that contained one part, three different inserts and 3 different cutouts.  Right now this seems like a lot of work. 

Does anyone else have an easier solution?

[JDMather]

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@cadcamm99 wrote:
... Right now this seems like a lot of work. 

Does anyone else have an easier solution?

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That does sound like too much work.

Can you attach example files here? 

(FYI - the 2014 technique will be no different than 2012 technique)

[JDMather]

Are you really intested in an easier solution?