Pros
Benefits, decent training opportunities, generally decent coworkers. Great downtown location, casual work environment. Good "work from home" options.
Cons
Vicious managers who clearly play favorites. Managers can all but physically abuse employees without repercussion. I experienced (and saw happen to others) many "set up to fail" scenarios when someone was out-of-favor...with the full cooperation of HR. Employee surveys in some areas are chronically dismal, and the company response is to bring-in consultants that result in layoffs of people who are unhappy. I got sick from stress when I was working there, and there was absolutely no support if your manager didn't like you. Turnover was high, as BCBSA is a clearly reactive place that often changes direction. Employees are often forced to work long hours (or "work from home") on projects that go nowhere and waste tons of money. Very little autonomy, and the approval process for product is glacially slow and micro-managed.