Pros
For employees who are willing to play the game, and subscribe to the meaningless busywork, there are several career trajectories thorugh lower level management, or even as an individual contributor. There is a focus on improving processes, and they aren't ALWAYS stuck in the rut of "the way we've always done it. And they're an insurance company... so great benefits.
Cons
They don't take care of their employees. They assume the generous benefits package is enough, but don't let employees know they're valued. They promote their friends instead of their standout employees. Relationships are everything. If you do great at your job, but don't suck up... you'll probably be stuck in that job for a while. They (mentally) recognize talent and merit in their employees and TELL them what great work they do... but they don't DO anything about it. And even demonstrable, documented, statistical improvement will be ignored if certain meaningless busywork goals aren't met.