To create an Instagram live tile, you need to embed the post you like from Instagram on Workspace 365. 
Right now, this can only be done with a post. 

First, click on a post you like, this will open the following menu:


At this section, click on the 3 dots on the top.
This will open a new menu:

Click on "Embed".
At the new menu, click on "Copy Embed Code".

Now you have the code copied, we can go to Workspace 365.
Go to the "Appstore" which can be found on the top at your dashboard.

At the Appstore, click on "+New app" and then "Web content"

At the new menu, fill in the following information:

• Name: The name you want to give the application
• Embed code: Paste the code in this section.

You can choose an icon you want to give the application by clicking on the icon.

Then click "Save and Back"
Close the appstore by clicking "Close" at the bottom.

At the dashboard, click "Add tiles"
There, select the application and click "Add to workspace"

At the new section, give the group a name and select the size you want to give the app by clicking on the 3 dots on the top of the app. 

Then click "Save" on top of your dashboard.

When done, the result should look something like this: