A cutting insert includes a top surface, a bottom surface and a plurality of peripheral side surfaces. The top and bottom surfaces and the side surfaces are joined to form rounded cutting corners. A plurality of cutting edges are formed at an intersection between the top surface and the plurality of side surfaces. A pair of asymmetric chip formers are proximate opposite rounded cutting corners. A distance between the opposite rounded cutting corners and the asymmetric chip formers varies in such a way that a ratio of a chip thickness and the distance is substantially constant as a function of a depth of cut.