Hi
Sandstrategy,
unless you tell them, both of your interviewers won't know that you're a re-applicant. If you feel uncomfortable or want to avoid giving explanations about your first application, just don't tell them. The fact that you were rejected in Round 4 for the previous intake is none of their business anyways.
This is what I always advise when I work with re-applicants to INSEAD.
I wish you the best of luck.
Thank you very much.
Warm regards
Alex