Pros
Insurance industry will never die. Intelligent strategy to create science, then follow it to reduce risk. It's nice to see trust in science and data. It's a big money industry but the science comes first. People stay there forever. Weekly seminars keep people informed about other researchers. Researchers are allowed to work on a problem independently and have support from management. Good pay, benefits, people still have pensions. Not too much attention paid to time in and out, mostly flexible schedule, relatively low stress.
Cons
For Research: Everyone only works on their own isolated projects, very little collaboration. Zero inter departmental interaction. Would not need weekly seminars if people worked together. Overall pretty lonely. Quote from a senior engineer: "I know people I see at conferences once a year better than the guy in the office next to me." Not much room to go up. Similar to obtaining a professor position eg. very academic setting, you do exactly your expertise. The contractors are not treated with the same benefits as full time employees, although a full time position may be offered, they rarely come.