The present invention is directed to a cutting insert with a rake face, a seating surface and a plurality of flank faces extending between the rake face and the seating surface. The intersection of the rake face and the plurality of flank faces define a plurality of cutting edges. The rake face of the insert has a plurality of corner regions formed at the intersection of side cutting edges to define corner cutting edges. The corner cutting edge in at least one corner region has a recessed profile when viewed from the side of the insert. The recessed profile has a concave shape and extends inwardly from the cutting edge. At the cutting edge, the recess has a conical shape to define a conical portion and further inward from the cutting edge the recess may have a cylindrical shape to define a cylindrical portion.