This is not working, and the amount of the fine is not really the problem.
The problem is that cold-calling without informed consent needs to be a penal offense, not a civil one.
Forgive me if I'm not using the exact terminology as English is not my first language, but the concept is - when this happens, the penalty should hit the actual people who are responsible for making the decisions that led to the illegal calls being made, and not (well, not only) the company that made them. Just like e.g. fraud.
If all you're risking is company liability, then if your primary business is scam calls, you'll just fold the company and restart with another; if your primary business is legit insurance, then any fine large enough to hurt would also needlessly damage your legitimate business, causing outsized problems to all your customers.
Nope, what's really needed is to find the person who gave the directive to disregard informed consent, and punish him/her personally.