Which part is unclear? There are several ways of specifying the size of an insert, the two common ones are cutting edge length (blech!) and inscribed circle (IC). I favor IC because it's easy to understand, and pretty easy to eyeball the difference if you stay away from the weirdo sizes. For instance, most of my inserts are either 3/8" or 1/2" IC - regardless of shape. IC is the biggest circle that can fit within the outline of the insert. So it's pretty easy to tell the difference between those two. In the examples given (CNMG432" / "CCMT32.51) the first has a "4" and would be a 1/2" IC, the second is a "3" and would have a 3/8" IC. Does that make sense?
The ISO code is the cutting edge length, so even for an insert with the same IC, the ISO designation can be different, depending on the shape. I consider it tedious and must refer to a chart like that above if forced to do so.
GsT