A double-sided tangential cutting insert, as well as a tool holder system that carries a plurality of the double-sided tangential cutting inserts, that has a peripheral side shape, as viewed from one of said cutting rake faces, that includes a pair of generally identical opposing main cutting edges wherein each of the main cutting edge comprises a substantially straight main cutting edge portion and an adjoining convex main cutting edge portion. The convex main cutting edge portion is truncated by an adjacent convex minor side face so as to define a generally sharp edge and a point of truncation. The peripheral side shape further includes a pair of opposing full nose cutting edges with a nose cutting radius; and a pair of opposing convex minor cutting edges with a minor cutting edge radius. The minor cutting edge radius is at least about four times greater than the nose cutting radius.

An insert, a housing, and a power skiving assembly each configured for use in a power skiving process is provided. The insert includes multiple cutting edges such that when one of the cutting edges is no longer suitable for use in a power skiving process, an orientation of the insert with respect to the housing can be changed so that another of the multiple cutting edges is aligned with a work piece upon which the power skiving process is being performed.