Vantaggi
If you like stability and being part of a successful company you can't do much better than Applied. They are the best at what they do and they've got a solid vision for continued growth. The technology group is going through some Agile transitional pains but recent focus on quality and some new blood in the organization have yielded a lot of improvements. Company is very dedicated to its employees and retention - rare to see so many 20, 25, and 30 year anniversaries at a software company.
Svantaggi
Technologically, not very cutting-edge but mostly because the insurance industry isn't very cutting edge and is thus slow to accept change. Probably not the most attractive company for fresh college grads who want to work with the latest and greatest - still lots of VB .NET and manual QA jobs. Also 30+ years of history means there's still some pockets of political resistance to new ideas and technologies - sometimes you have to work to get past the stagnation.