Step 1: Understand the Assertion.
Insulin is a hormone made up of polypeptide chains and has a well-defined three-dimensional structure, so it is classified as a protein.
Glycyl alanine is a dipeptide (only two amino acids linked together) and does not possess a complex structure, hence it is not considered a protein.
Thus, the Assertion is correct.
Step 2: Analyze the Reason.
Generally, proteins consist of more than 100 amino acids. However, even smaller polypeptides can be considered proteins if they have a definite and stable three-dimensional conformation and biological function.
Thus, the Reason is also correct.
Step 3: Relation between Assertion and Reason.
The Reason correctly explains why insulin qualifies as a protein while glycyl alanine does not.
Step 4: Conclusion.
Both Assertion and Reason are correct.
Therefore:
\[
\boxed{\text{Both Assertion and Reason are correct}}
\]