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Videoredo or TMPGEnc MPEG Smart Renderer 5 are both frame accurate smart renderers which will only encode the edit points leaving the rest untouched. You may rarely experience some audio sync issues with certain material though and need to re-sync it.
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I was going to recommend MKVCutter until you mentioned inserting as well.
I'm assuming you are working with AVC or HEVC type codecs, and you cannot cut and splice completely losslessly like MPEG2. It's just not possible.
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As X5gb said, TMPGEnc MPEG Smart Renderer 5 will do the trick with the splicing, but you need to do the effects outside in some other software and then import them, as Smart Renderer doesn't have a lot of complex editing tools besides cutting and arranging. It's not exactly a very elegant process, but it does work.
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