A cutting insert having a chipbreaking configuration for effectively embrittling and breaking thin, foil-like chips produced by drilling or other fine-cutting operations is provided. The cutting insert includes a polygonal insert body having a top surface, a side relief surface, and a cutting edge defined therebetween, and a chipbreaker formed by an elongated groove disposed on the top surface behind the cutting edge in combination with a plurality of recesses disposed over the groove having opposing side edges. The back wall of the groove applies curling forces to the chips, while the opposing side edges of the recesses engage and corrugate the chips thereby embrittling them by work-hardening. The corrugated chips are broken by the curling forces applied by the back and rear walls of the groove and the recesses into small pieces that are easily expelled from the vicinity of the cutting operation.