Rotatable cutting tool with cutting insert and bolster

A rotatable cutting tool (10) includes a cutting tool body (12) having an axial forward end (14) and an axial rearward end (16). A bolster (46) at least partially received in a head portion (22) and includes a convex-shaped head portion (56) with a socket (20), a collar portion (58) and a tapered shank portion (60). The socket (20) is formed with a substantially planar side wall (20a), a bottom wall (20b), and a radius blend (20c). A hard tip or cutting insert (18) is at least partially received in the socket (20) of the bolster (46) and includes a convex-shaped conical head portion (72), a collar portion (74) and an axially-rearward portion (76) that generally conforms to the geometry of the socket (20) of the bolster (46). Between about sixty percent (60%) and about ninety percent (90%) of the cutting insert (18) is received in the socket (20) of the bolster (46), thereby reducing forces and stresses transmitted to the cutting tool (10) during a machining operation.