<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549

                                    FORM 10-K

                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


   For the fiscal year ended                              0-8738
   -------------------------                      ----------------------
       December 31, 1997                          Commission File Number


                            BANCINSURANCE CORPORATION
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

               Ohio                                     31-0790882
   -------------------------------                   ------------------
   (State or other jurisdiction of                    (I.R.S. Employer
   incorporation or organization)                    Identification No.)


  20 East Broad Street, Columbus, Ohio                          43215
----------------------------------------                      ----------
(Address of principal executive offices)                      (Zip Code)


    Registrant's telephone number including area code     (614) 228-2800
                                                      ---------------------

Securities registered pursuant to Section 12(b) of the Act:

                                               Name of Each Exchange on
        Title of Each Class                        Which Registered

               NONE                                       NONE
 -----------------------------------        ---------------------------------

Securities registered pursuant to Section 12(g) of the Act:

                        COMMON SHARES, WITHOUT PAR VALUE
------------------------------------------------------------------------------
                                (Title of Class)

Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding twelve months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                                          YES  X     NO
                                             -----      -----

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ X ]


On February 12, 1998, the aggregate fair value of the voting stock held by those
other than executive officers and directors of the registrant was $10,714,863.

As of February 12, 1998, the Registrant had 5,843,115 Common Shares, without par
value, outstanding.


                       DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's Annual Report to Shareholders for the fiscal year
ended December 31, 1997 are incorporated by reference in Part II.

Portions of the registrant's Proxy Statement for the 1998 Annual Meeting of
Shareholders are incorporated by reference in Part III.


<PAGE>   2



                   BANCINSURANCE CORPORATION AND SUBSIDIARIES

                                 1997 FORM 10-K



                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                      Page
                                                                                                      ----
                                               PART I
<S>                                                                                                    <C>
Item 1.  Business................................................................................       3
Item 2.  Properties..............................................................................       7
Item 3.  Legal Proceedings.......................................................................       7
Item 4.  Submission of Matters to a Vote of Security Holders.....................................       7

                                               PART II

Item 5.  Market for the Company's Common Stock and Related
             Security Holder Matters.............................................................       8
Item 6.  Selected Consolidated Financial Data....................................................       8
Item 7.  Management's Discussion and Analysis of Financial
             Condition and Results of Operations.................................................       8

Item 7A. Quantitative and Qualitative Disclosures About Market
             Risk................................................................................       8
Item 8.  Consolidated Financial Statements and Supplementary Data................................       8
Item 9.  Changes in and Disagreements with Accountants on
             Accounting and Financial Disclosure.................................................       8

                                              PART III

Item 10. Directors and Executive Officers of the Company.........................................       8
Item 11. Executive Compensation..................................................................       8
Item 12. Security Ownership of Certain Beneficial Owners and
             Management..........................................................................       9
Item 13. Certain Relationships and Related Transactions..........................................       9

                                               Part IV

Item 14. Exhibits, Financial Statement Schedules and Reports on
             Form 8-K............................................................................       9
</TABLE>



<PAGE>   3


                                     Part I

Item 1.  Business

GENERAL

The Company is an Ohio insurance holding company engaged primarily in the
underwriting of specialized and niche insurance products and related services
through its wholly-owned insurance subsidiary, Ohio Indemnity Company ("Ohio
Indemnity"). Ohio Indemnity is licensed to transact business in 45 states and
the District of Columbia and on a surplus lines basis in Texas. BCIS Services,
Inc. ("BCIS Services") is incorporated in Ohio as a wholly-owned subsidiary of
the Company. BCIS Services is a non-risk bearing provider of workers'
compensation administration and cost control services to employers who
self-insure workers' compensation coverage. During 1997, Title Research
Corporation ("Title Research") was incorporated in Ohio as a wholly-owned
subsidiary of the Company. Title Research specializes in title, appraisal and
related services which support documentation needs for first and second mortgage
lending requirements. The reference to "the Company" in the following discussion
relates to the Company and its subsidiaries.

PRODUCTS

Most of the Company's net premiums written and premiums earned are derived from
two distinct lines of specialized and niche insurance products and related
services:

Ultimate Loss Insurance. Ultimate Loss Insurance, a form of physical damage
blanket single interest collateral protection insurance, is sold to lending
institutions, such as banks, savings and loan associations, credit unions,
automobile dealers and finance companies. Ultimate Loss Insurance insures such
institutions against damage to pledged collateral in cases where the collateral
is not otherwise insured. The standard policy covers physical damage to the
collateral, not to exceed the lesser of the collateral's fair market value or
the outstanding loan balance. This blanket single interest collateral protection
policy is generally written to cover the lending institution's complete
portfolio of collateralized personal property loans, which consist primarily of
automobile loans. The Company offers supplemental coverages, at additional
premium cost, for losses due to unintentional errors in lien filings and
conversion, confiscation and skip risks. Conversion risk coverage protects the
lender from unauthorized and wrongful taking of the lender's collateral. Skip
risk coverage protects the lender when a delinquent debtor disappears with the
loan collateral.

Since its inception in 1956, the Company has gradually expanded coverage of the
program to include lenders such as banks, savings and loans, credit unions and
finance companies. During 1997, the Company provided Ultimate Loss Insurance
coverage to approximately 300 lending institutions.

The premiums charged for Ultimate Loss Insurance reflect claims experience, loan
volumes and general market conditions.

The Company is test marketing creditor placed collateral and mortgage protection
policies in two states. Collateral and mortgage protection insurance covers
primarily automobile and residential mortgages pledged as security for loans for
which the borrower has not produced evidence of coverage as required by the
lender.

Bonded Service Program. Unemployment compensation is a federally mandated social
insurance program. Private employers finance the payment of unemployment
benefits to their former employees by paying a tax on covered wages. Certain
not-for-profit and governmental entities can elect not to pay the tax but,
instead, reimburse the state for benefits paid to their former employees. This
reimbursing method is usually the least costly option but poses the risk of
having to pay unexpected, unbudgeted benefit costs. The Bonded Service program
alleviates that risk of unexpected loss. The Company has participated since 1989
by bonding specific unemployment compensation servicing commitments of a cost
containment service firm including reimbursement of unemployment benefits.



                                       3
<PAGE>   4



In 1992, the Company agreed to write a similar type bond covering groups of
smaller not-for-profit entities which could realize the cost benefits of being a
reimburser but could not do so on a stand-alone basis. As of December 31, 1997,
the Company services seven (7) such groups.

The cost containment service firm's charge to the participating employer is
based primarily upon historical claims experience, general economic conditions
and other factors specific to the employer. Subscribers to the Bonded Service
program enroll for a term ranging from one to two years and the Company's surety
bond extends for the duration of the term. The Bonded Service program fees
applicable to any renewal term are adjusted based upon the subscriber's
historical claims experience, the subscriber's announced business plans with
respect to significant planned changes in employment, stability of the
subscriber's source of funding and general economic conditions. Since 1989,
annual renewals have averaged 95%.

Some states require that reimbursing employers post a bond as security for the
performance of their reimbursing obligations. On limited occasions, the Company
has provided this mandated bond on behalf of employers enrolled in the Bonded
Service program. The Company's obligations under such bonds may not, in every
case, cease upon termination of an employer's participation in the program. The
financial statements include reserves for losses on such programs for benefits
paid. Such reserves were $477,600 and $458,436 at December 31, 1997 and 1996,
respectively.

BCIS Services, Inc. BCIS Services is a third party administrator (TPA)
specializing in managing workers' compensation obligations assumed by employers
who self-insure this coverage. The contract defines specific servicing
responsibilities for which the client pays agreed upon fees during the duration
of such contract which normally covers one to three years. BCIS Services was
formed in February 1993 and began marketing its programs in July 1993. BCIS
Services does not engage in the business of underwriting or insuring risks of
loss.

BCIS Services assists the client in controlling factors that impact containment
of workplace disability costs from risk control to proactive claims management.
BCIS Services is postured to provide independent claims administration involving
other casualty insurance exposures on a multi-state basis. Independent resources
are engaged to provide specialized control functions as circumstances dictate.
The Company provided cost control services to four employers in California which
generated revenues of $658,884, $533,354 and $550,615 during 1997, 1996 and
1995, respectively.

BCIS Services operated in California only during 1997, 1996 and 1995. There can
be no assurance that this operation will be commercially successful or
profitable.

Title Research Corporation. In April 1997, Title Research, a newly formed,
wholly-owned subsidiary of the Company, purchased substantially all of the net
assets of Title Research Agency, an Ohio corporation. Title Research assists the
consumer mortgage lending industry with various services including title, lien
search, property appraisal, closings and placement of title insurance. Title
Research is engaged in preparation all technical documentation necessary for
home equity lending. Title Research does not engage in the business of
underwriting or insuring title coverage, but represents two title insurance
companies. During 1997, the Company generated title and appraisal fees of
$1,593,556.

Title Research operated primarily in Ohio during 1997. There can be no assurance
that this operation will be commercially successful or profitable.

COMPETITION

The insurance business is highly competitive. There are approximately 3,200
property and casualty insurance companies in the United States, although most of
them are not significant competitors for the specialty lines which the Company
underwrites. Some competing companies offer more diversified insurance coverage
and have greater financial resources than the Company. Competition may include
lower premiums, specialized products, more complete and complex product lines,
greater pricing flexibility, superior service, different marketing techniques,
or better agent compensation. Management believes that one of its competitive
advantages is specializing in limited insurance lines. This specialization
allows the Company to refine its underwriting and claims techniques, which in
turn, provide agents and insureds with superior service.



                                       4
<PAGE>   5


Competition for the Bonded Service program is provided indirectly by insurers
who have designed coverages for reimbursing employers with loss limitation
features similar in concept to the Bonded Service program. The Company believes
that the Bonded Service program has cost savings and other features which enable
the program to compete effectively against providers of loss limitation
coverages. The cost containment service firm, on whom the Company relies for
growth in bond fees, competes with other cost containment service firm's for
cost containment service contracts with not-for-profit organizations, some of
which may require loss limitation coverages.

Concerning BCIS Services, competition includes any brokers, agents, insurance
companies or consultants which provide administrative services to their clients.
The major competitors are TPA's, most of which operate on a regional basis.
There are approximately 51 TPA's in California that specialize in serving
employers who self-insure workers' compensation.

Concerning Title Research, competition includes title companies, brokers,
agents, insurance companies or contractors who provide mortgage services to
their clients. The major competitors are title lien search companies, most of
which operate on a regional basis. There are approximately 1,100 title lien
search companies in Ohio that specialize in first and second mortgage lending
requirements. The title lien industry is highly competitive. Key elements which
affect competition are: price, expertise, service, financial strength and size
of the company.

There can be no assurance that the Company will not face additional competition
in its markets from new or existing competitors.

REINSURANCE

The Company maintains a quota share reinsurance agreement, by which Ohio
Indemnity cedes a portion of its mortgage protection and automobile physical
damage insurance to a reinsurer. This arrangement limits the net claim liability
potential arising from specific policies. This reinsurance agreement does not
relieve the Company from its obligations to policyholders. Consequently, failure
of the reinsurer to honor its obligations could result in losses to the Company.
The Company currently recovers 75% and 50% of the paid losses and loss
adjustment expense applicable to Mortgage Protection and Automobile Physical
Damage insurance policies, respectively.

As of December 31, ceded reinsurance reduced commission expense incurred by
$23,032 in 1997 and increased commission expense incurred by $62,147 and
$121,972 in 1996 and 1995, respectively.

REGULATION

   Insurance Company Regulation

Ohio Indemnity, as an Ohio property/casualty insurance company, is subject to
the primary regulatory supervision of the Ohio Department of Insurance. In
addition, Ohio Indemnity is subject to regulation in each jurisdiction in which
it is licensed to write insurance. In general, such regulation is designed to
protect the interests of insurance policyholders rather than the Company or the
Company's shareholders.

Such regulation relates to, among other matters: licensing of insurers and their
agents; authorized lines of business; capital and surplus requirements and
general standards of solvency; financial reports; reserve requirements;
underwriting limitations; investment criteria; transactions with affiliates;
dividend limitations; changes in control and a variety of other financial and
nonfinancial matters.

The principal source of cash available to the Company is dividends from Ohio
Indemnity. The Company is subject to the Ohio Insurance Holding Company System
Regulatory Act, as amended, which requires that a 10-day notice of the proposed
payment of any dividends or other distributions by Ohio Indemnity be given to
the Ohio Superintendent of Insurance. If such dividends or distributions,
together with any other dividends or distributions made within the preceding
twelve months, exceed the greater of: (i) 10% of Ohio Indemnity's statutory
surplus as of the immediately preceding December 31st, or (ii) the net income of
Ohio Indemnity for the immediately preceding calendar year, a 30-day notice of
such proposed dividend or distribution is required to be given to 



                                       5
<PAGE>   6



the Superintendent and the Superintendent may disapprove such dividend or
distribution within the 10-day period following receipt of such notice.

Most states have insurance laws requiring that rate schedules and other
information be filed with the state's regulatory authority, either directly or
through a rating organization with which the insurer is affiliated. The
regulatory authority may disapprove a rate filing if it finds that the rates are
inadequate, excessive or unfairly discriminatory. Rates vary by class of
business, hazard assumed and size of risk, and are not necessarily uniform for
all insurers. Many states have recently adopted laws which limit the ability of
insurance companies to effect rate increases. To date, such limitations have had
a limited impact on the Company, and the Company has no knowledge of any such
limitations that may affect its future results of operations, although there can
be no assurance that such limitations will not adversely affect the Company's
results of operations in the future.

All insurance companies must file annual statements in states where they are
authorized to do business and are subject to regular and special examinations by
the regulatory agencies of those states. On June 20, 1997, the Ohio Department
of Insurance issued its triennial examination report on Ohio Indemnity for the
three-year period ended December 31, 1996. The examiners reported that the
financial statements set forth in the report reflected the financial condition
of Ohio Indemnity. Management is not aware of any recommendations by regulatory
authorities which, if implemented, would have, or are reasonably likely to have,
a material effect on the Company's liquidity, capital resources or results of
operations. The next triennial review of the Company will be conducted by the
Ohio Superintendent of Insurance in 2000 for the three-year period ending
December 31, 1999.

Numerous states routinely require deposits of assets by insurance companies to
protect policyholders. As of December 31, 1997, securities with a fair value of
approximately $3,999,026 had been deposited by the Company with eleven state
insurance departments. Such deposits must consist of securities which comply
with standards established by the particular state's insurance department. The
deposits, typically required by a state's insurance department on admission to
do insurance business in such state, may be increased periodically as mandated
by applicable statutory or regulatory requirements.

     Insurance Holding Company System Regulation

Bancinsurance Corporation is subject to certain provisions of the Ohio Insurance
Holding Company System Regulatory Act, as amended, which governs any direct or
indirect change in control of it and certain affiliated-party transactions
involving it or its assets. No person may acquire, directly or indirectly, 10%
or more of the outstanding voting securities of Ohio Indemnity, unless the Ohio
Superintendent of Insurance has approved such acquisition. The determination of
whether to approve any such acquisition is based on a variety of factors,
including an evaluation of the acquirer's financial condition, the competence of
its management and whether competition in Ohio would be reduced. In addition,
certain material transactions involving Bancinsurance Corporation and Ohio
Indemnity must be disclosed to the Ohio Superintendent of Insurance not less
than 30 days prior to the effective date of the transaction. Such transaction
can be disapproved by the Superintendent within such 30-day period if it does
not meet certain standards. Transactions requiring such approval include, but
are not limited to: sales, purchases or exchanges of assets; loans and
extensions of credit; and investments not in compliance with statutory
guidelines. Ohio Indemnity is also required to file periodic and updated
statements reflecting the current status of its holding company system, the
existence of any related-party transactions and certain financial information
relating to any person who directly or indirectly controls (presumed to exist
with 10% voting control) Ohio Indemnity. Bancinsurance Corporation believes that
it is in compliance with the Ohio Insurance Holding Company System Regulatory
Act and the regulations promulgated thereunder.


     The National Association of Insurance Commissioners

All states have adopted the financial reporting form of NAIC, which is typically
referred to as the NAIC "annual statement," and most states, including Ohio,
generally defer to NAIC with respect to statutory accounting practices and
procedures. In this 



                                       6
<PAGE>   7



regard, NAIC has a substantial degree of practical influence and is able to
accomplish certain quasi-legislative initiatives through amendments to the NAIC
annual statement and applicable statutory accounting practices and procedures.

The NAIC adopted a Risk Based Capital ("RBC") test applicable to property and
casualty insurers. The RBC calculation serves as a benchmark of insurance
enterprises' solvency by state insurance regulators by establishing statutory
surplus targets which will require certain Company level or regulatory level
actions. Based on the Company's analysis, it appears that the Company's total
adjusted capital is in excess of all required action levels and that no
corrective action will be necessary. These RBC provisions have been enacted into
the Ohio Revised Code.

PENDING LEGISLATION

The insurance industry is under continuous review by both state and federal
legislatures. From time to time various regulatory and legislative changes have
been proposed in the insurance industry which could have an effect on insurers
and reinsurers. Among the proposals that have in the past been, or are at
present being, considered are the possible introduction of federal regulation in
addition to, or in lieu of, the current system of state regulation of insurers,
and other possible restrictions on insurance transactions with unlicensed
insurers. The Company is unable to predict whether any of these proposals will
be adopted, the form in which any such proposals would be adopted or the impact,
if any, such adoption would have on the Company.

EMPLOYEES

As of February 12, 1998, the Company employed 46 full-time employees and 5
part-time employees. The Company is not a party to any collective bargaining
agreement and is not aware of any efforts to unionize its employees.

SERVICE MARKS

The Company has developed common law rights in its service mark, ULTIMATE LOSS
INSURANCE, which is registered in the State of Ohio. The Company has federally
registered its trademark, BI BANCINSURANCE CORPORATION(R) (stylized letters).

Item 2. Properties

The Company leases all of its office space, which as of February 13, 1998,
totalled approximately 17,000 square feet. The home office in Columbus, Ohio
aggregates approximately 7,000 square feet. The lease provides for a monthly
gross rental of $7,817. The leased space is shared with Westford Group, Inc., an
affiliate of the Company through a common officer and principal shareholder.
Rental expense is allocated in accordance with space utilization. BCIS Services'
office in Los Angeles, California occupies approximately 2,900 square feet. The
lease provides for a monthly gross rental of $3,324. Title Research leases
office space at a property located in Hilliard, Ohio which serves as its
corporate headquarters. The office occupies approximately 3,500 square feet.
Title Research's branches lease office space in three locations throughout Ohio
occupying approximately 3,600 square feet. These four leases provide for a
monthly gross rental of $6,322.

Item 3. Legal Proceedings

The Company is routinely a party to litigation incidental to its business, as
well as to other nonmaterial litigation. Management believes that no individual
item of litigation, or group of similar items of litigation is likely to result
in judgments that will have a material adverse effect on the financial condition
or results of operations of the Company.

Item 4. Submission of Matters to a Vote of Security Holders

No matters were submitted to a vote of security holders during the fourth
quarter of the fiscal year ended December 31, 1997.





                                       7
<PAGE>   8


                                    PART II


Item 5. Market for the Company's Common Stock and Related Security Holders
        Matters

The information required by this item is included under the caption "Market
Information", "Holders", "Dividends", and "Market Makers" in the Company's 1997
Annual Report (the "Annual Report") and is incorporated herein by reference.

Item 6. Selected Financial Data

The information required by this item is included under the caption "Selected
Financial Data" in the Company's Annual Report and is incorporated herein by
reference.


Item 7. Management's Discussion and Analysis of Financial Condition and Results
        of Operations

The information required by this item is included under the caption
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's Annual Report and is incorporated herein by
reference.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

None.

Item 8. Consolidated Financial Statements and Supplementary Data

The Company's consolidated balance sheets as of December 31, 1997 and 1996, and
the consolidated statements of income, shareholders' equity and cash flows for
each of the three years ended December 31, 1997, 1996 and 1995 and the notes to
the financial statements, together with the independent auditors' report thereon
appear in the Company's Annual Report and are incorporated herein by reference.

The Company's Financial Statement Schedules and Independent Auditors' Report on
Financial Statement Schedules are included in response to Item 14 hereof.


Item 9. Changes in and Disagreements with Accountants on Accounting and
        Financial Disclosure

None.

                                    PART III

Item 10. Directors and Executive Officers of the Company

The information required by this item is included under the captions "Election
of Directors," "Executive Officers of the Corporation" and "Section 16(a)
Beneficial Ownership Reporting Compliance" in the Company's Proxy Statement (the
"Proxy Statement") relating to the Company's 1998 Annual Meeting of Stockholders
to be held on June 2, 1998, and is incorporated herein by reference.


Item 11. Executive Compensation

The information required by this item is included under the captions
"Compensation of Directors" and "Executive Compensation" in the Proxy Statement
and is incorporated herein by reference.



                                       8
<PAGE>   9


Item 12. Security Ownership of Certain Beneficial Owners and Management

The information required by this item is included under the caption "Ownership
of Voting Stock" in the Proxy Statement and is incorporated herein by reference.

Item 13. Certain Relationships and Related Transactions

The information required by this item is included under the caption "Certain
Relationships and Related Transactions" in the Proxy Statement and is
incorporated herein by reference.

                                     PART IV


Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K

     (a) The following documents are filed as part of this report:

          (1)  The following financial statements appearing in the Company's
               Annual Report are incorporated herein by reference:

               Consolidated Balance Sheets as of December 31, 1997 and 1996.

               Consolidated Statements of Income for the three years ended
               December 31, 1997.

               Consolidated Statements of Shareholders' Equity for the three
               years ended December 31, 1997.

               Consolidated Statements of Cash Flows for the three years ended
               December 31, 1997.

               Notes to the Consolidated Financial Statements.

               Independent Auditors' Report.

          (2)  Financial Statement Schedules

               Included in Part IV of this Report: 

                    Schedule I -- Summary of investments - other than
                                  investments in related parties

                    Schedule II -- Condensed financial information of
                                   Bancinsurance Corporation 
                                   (Parent Company Only)

                    Independent Auditors' Report on Financial Statement
                    Schedules

               Other schedules are omitted because of the absence of conditions
               under which they are required or because the required information
               is given in the consolidated financial statements or notes
               thereto.

          (3)  Exhibits

               3(a)  Amended Articles of Incorporation (reference is made to
                     Exhibit 3(a) of Form 10-K for the fiscal year ended 
                     December 31, 1984 (file number 0-8738), which is 
                     incorporated herein by reference).

               3(b)  Amended Code of Regulations (reference is made to 
                     Exhibit 3(b) of Form 10-K for the fiscal year ended 
                     December 31, 1984 (file number 0-8738), which is 
                     incorporated herein by reference).

               10(a) Amended Tax Allocation Agreement (reference is made to
                     Exhibit 10(d) of Form 10-K for the fiscal year ended
                     December 31, 1983 (file number 0-8738), which is
                     incorporated herein by reference).




                                       9
<PAGE>   10


               10(b) Private Passenger Automobile Physical Damage Quota Share
                     Reinsurance Agreement between Ohio Indemnity Company and
                     North American Reinsurance Corporation (reference is made
                     to Exhibit 10(d) of Form 10-K/A for the fiscal year ended
                     December 31, 1992 (file number 0-8738), which is
                     incorporated herein by reference).

               10(c) Amended and Restated Unemployment Compensation
                     Administration Agreement Between Ohio Indemnity Company 
                     and The Gibbens Co., Inc. (The Company has requested that
                     portions of this Exhibit be given confidential treatment.)
                     (reference is made to Exhibit 10(e) of Form 10-K/A for the
                     fiscal year ended December 31, 1992 (file number 0-8738),
                     which is incorporated herein by reference).

               The following are management contracts and compensatory plans and
               arrangements in which directors or executive officers
               participate:

               10(d) Employee Profit Sharing Plan (reference is made to 
                     Exhibit 10(a) of Form 10-K for the fiscal year ended 
                     December 31, 1986 (file number 0-8738), which is 
                     incorporated herein by reference).

               10(e) 1984 Stock Option Plan (reference is made to Exhibit 10(d)
                     of Form 10-K for the fiscal year ended December 31, 1984
                     (file number 0-8738), which is incorporated herein by
                     reference).

               10(f) 1994 Stock Option Plan - (reference is made to 
                     Exhibit 10(f) of Form 10-Q for the fiscal quarter ended 
                     June 30, 1994 (file number 0-8738), which is incorporated 
                     herein by reference).

               13.1  Annual Report to Shareholders for the year ended 
                     December 31, 1997.

               21    Subsidiaries of the Company as of December 31, 1997.

               23    Consents of independent accountants to incorporation of
                     their opinions by reference in Registration Statement on
                     Form S-8.

               27    Financial Data Schedule.

     (b)  Reports on Form 8-K

          No reports on Form 8-K were filed by the Company during the quarter
          ended December 31, 1997.

     (c)  Exhibits

          The exhibits to this report begin on page 17.

     (d)  Financial Statement Schedules

          The financial statement schedules and the independent auditors' report
          thereon are included on the following pages.






                                       10
<PAGE>   11



Board of Directors and Shareholders
Bancinsurance Corporation:



     Our report on the consolidated financial statements of Bancinsurance
Corporation and Subsidiaries has been incorporated by reference in this 
Form 10-K from page 22 of the 1997 Annual Report to Shareholders of
Bancinsurance Corporation. In connection with our audits of such financial
statements, we have also audited the related financial statement schedules
listed in the index on page 9 of this Form 10-K.

     In our opinion, the financial statement schedules referred to above, when
considered in relation to the basic financial statements taken as a whole,
present fairly, in all material respects, the information required to be
included therein.



                                             /s/ COOPERS & LYBRAND L.L.P.


Columbus, Ohio
February 27, 1998





                                       11
<PAGE>   12



                    BANCINSURANCE CORPORATION AND SUBSIDIARY


 Schedule I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENT IN RELATED PARTIES



<TABLE>
<CAPTION>
                                       December 31, 1997
------------------------------------------------------------------------------------------------
        Column A                                  Column B       Column C        Column D
        --------                                  --------       --------        --------
  Type of Investment                              Cost (1)         Fair         Amount at which
                                                                   Value         shown in the
                                                                                balance sheet
------------------------------------------------------------------------------------------------
<S>                                             <C>             <C>             <C>        
Held to maturity:
   Fixed maturities:
      Governments                               $ 1,160,644     $ 1,187,800     $ 1,160,644
      States, territories and
         possessions                              1,020,723       1,035,250       1,020,723
      Political subdivisions of states,
         territories and possessions                506,763         536,000         506,763
      Special revenue                             1,102,064       1,144,976       1,102,064
      Other debt securities                          50,000          50,000          50,000

   Redeemable preferred stocks:
      Public utilities                              100,000         100,000         100,000
                                                -----------     -----------     -----------
                   Total held to maturity         3,940,194       4,054,026       3,940,194
                                                -----------     -----------     -----------

Available for sale:
   Fixed maturities:
   Governments                                      853,376         857,540         857,540
      States, territories and
         possessions                              3,098,386       3,143,426       3,143,426
      Political subdivisions of states,
         territories and possessions              4,961,653       5,103,767       5,103,767
      Special revenue                             3,672,237       3,806,862       3,806,862
      Industrial and miscellaneous                   50,000          51,031          51,031

   Equity securities:
      Nonredeemable preferred stocks:
         Public utilities                           500,000         483,548         483,548
         Banks, trust and insurance
            companies                               417,312         620,846         620,846
         Industrial and miscellaneous               567,050         560,876         560,876

      Common stocks:
         Banks, trust and insurance
            companies                               474,390         854,978         854,978
         Industrial and miscellaneous               642,398         704,813         704,813
                                                -----------     -----------     -----------
                   Total available for sale      15,236,802      16,187,687      16,187,687
                                                -----------     -----------     -----------

Short-term investments
Securities purchased under agreements             5,753,669       5,753,669       5,753,669
   to resell                                      1,048,075       1,048,075       1,048,075
                                                -----------     -----------     -----------

                   Total investments            $25,978,740     $27,043,457     $26,929,625
                                                ===========     ===========     ===========
</TABLE>

(1)  Original cost of equity securities, adjusted for any permanent write
     downs, and, as to fixed maturities, original cost reduced by repayments,
     write downs and adjusted for amortization of premiums or accrual of
     discounts.




                                       12
<PAGE>   13


                   BANCINSURANCE CORPORATION AND SUBSIDIARIES

                Schedule II - CONDENSED FINANCIAL INFORMATION OF
                 BANCINSURANCE CORPORATION (PARENT COMPANY ONLY)

                            CONDENSED BALANCE SHEETS

                           December 31, 1997 and 1996


<TABLE>
<CAPTION>
                         Assets                        1997            1996
                         ------                    -----------     -----------
<S>                                                <C>             <C>        
Cash                                               $    10,673     $     9,117

Investment in subsidiaries                          22,640,505      20,491,962

Other                                                1,564,445       1,143,067
                                                   -----------     -----------

                                                   $24,215,623     $21,644,146
                                                   ===========     ===========

          Liabilities and Shareholders' Equity
          ------------------------------------

Note payable to bank                               $ 5,000,000     $ 5,600,000

Other                                                  135,822         137,329

Shareholders' equity                                19,079,801      15,906,817
                                                   -----------     -----------

                                                   $24,215,623     $21,644,146
                                                   ===========     ===========
</TABLE>





                                       13
<PAGE>   14


                   BANCINSURANCE CORPORATION AND SUBSIDIARIES

                Schedule II - CONDENSED FINANCIAL INFORMATION OF
                 BANCINSURANCE CORPORATION (PARENT COMPANY ONLY)

                         CONDENSED STATEMENTS OF INCOME

                  Years Ended December 31, 1997, 1996, and 1995


<TABLE>
<CAPTION>
                                                   1997             1996              1995
                                                -----------      -----------      -----------
<S>                                             <C>              <C>              <C>        
Dividends from subsidiaries                     $ 1,375,000      $   650,000      $   600,000
Other income                                         36,477           24,777           52,236

General and administrative expenses                (503,534)        (613,491)        (605,132)
                                                -----------      -----------      -----------

              Net income before tax benefit
                and equity in earnings of
                subsidiaries                        907,943           61,286           47,104

Income tax benefit                                 (181,297)        (205,213)        (198,655)
                                                -----------      -----------      -----------

              Net income before equity in
                earnings of subsidiaries          1,089,240          266,499          245,759

Equity in undistributed earnings of
   subsidiaries                                   1,612,054        2,074,549        1,175,327
                                                -----------      -----------      -----------

Net income                                      $ 2,701,294      $ 2,341,048      $ 1,421,086
                                                ===========      ===========      ===========
</TABLE>





                                       14
<PAGE>   15





                   BANCINSURANCE CORPORATION AND SUBSIDIARIES

                Schedule II - CONDENSED FINANCIAL INFORMATION OF
                 BANCINSURANCE CORPORATION (PARENT COMPANY ONLY)

                       CONDENSED STATEMENTS OF CASH FLOWS

                  Years Ended December 31, 1997, 1996, and 1995


<TABLE>
<CAPTION>
                                                       1997              1996             1995
                                                    -----------      -----------      -----------
<S>                                                   <C>              <C>              <C>
Cash flows from operating activities:
   Net income                                          $ 2,701,294      $ 2,341,048      $ 1,421,086
   Adjustments to reconcile net income to net
       cash provided by operating
       activities:
          Equity in undistributed net earnings
             of subsidiaries                            (1,679,976)      (2,074,549)      (1,175,327)
          Deferred federal income tax (benefit)
            expense                                             --         (108,747)         108,747
          (Increase) decrease in notes
             receivable                                   (167,500)        (145,000)          28,602
          Increase in loans to affiliates                  (71,719)         (71,719)         (71,719)
          Increase in accounts receivable from
             subsidiaries                                 (148,455)              --          (29,585)
          Increase in prepaid federal income
             taxes                                          29,633          291,855          291,632
          (Increase) decrease in other assets              (63,337)           6,249           21,486
          Increase (decrease) in accounts
             payable to subsidiaries                        25,616           34,129         (259,168)
          Increase (decrease) in other
             liabilities                                   (27,123)         (99,024)          78,587
                                                       -----------      -----------      -----------

              Net cash provided by in operating
                activities                                 598,433          174,242          414,341
                                                       -----------      -----------      -----------



Cash flows from financing activities:
   Proceeds from notes payable to bank                   7,525,000        1,790,000        5,100,000
   Repayments of notes payable to bank                  (8,125,000)      (1,806,132)      (5,400,000)
   Proceeds from stock options exercised                     3,123           22,500           47,812
   Acquisition of treasury stock                                --         (185,675)        (162,838)
                                                       -----------      -----------      -----------

              Net cash used in financing
                activities                                (596,877)        (179,307)        (415,026)
                                                       -----------      -----------      -----------

Net increase (decrease) in cash                              1,556           (5,065)            (685)
                                                       -----------      -----------      -----------
Cash at beginning of year                                    9,117           14,182           14,867
                                                       -----------      -----------      -----------

Cash at end of year                                    $    10,673      $     9,117      $    14,182
                                                       ===========      ===========      ===========

Supplemental disclosures of cash flow information:

Cash paid during the year for:
   Interest                                            $   389,632      $   425,523      $   453,855
   Income taxes                                            935,000          530,000           20,000
                                                       ===========      ===========      ===========
</TABLE>





                                       15
<PAGE>   16



                                   Signatures

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                               Bancinsurance Corporation
                                               (Company)


                                    3/15/98    By           Si Sokol
                                    -------       ---------------------------
                                      DATE                  Si Sokol
                                                      Chairman of Board of
                                                      Directors, President
                                                  (Principal Executive Officer)
                                     
                                                                               
                                                                               
                                                                               
                                                                               

     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons, which include the Chief
Executive Officer, the Chief Financial Officer and a majority of the Board of
Directors, on behalf of the Registrant and in the capacities and on the dates
indicated:




<TABLE>
<CAPTION>
<S>                    <C>                                         <C>                  <C>
 3/15/98                   Si Sokol                                 3/15/98                  Sally Cress
---------           --------------------------                     ---------           --------------------------
  DATE                     Si Sokol                                  DATE                    Sally Cress
                      Chairman of Board of                                               Treasurer, Secretary
                    Directors, President and                                            Chief Financial Officer
                     Chief Executive Officer                                             and Chief Accounting
                                                                                                 Officer





 3/15/98               Daniel D. Harkins                            3/15/98               Milton O. Lustnauer
---------           --------------------------                     ---------           --------------------------
  DATE                 Daniel D. Harkins                             DATE                 Milton O. Lustnauer
                           Director                                                            Director





 3/15/98                 Saul Sokol                                 3/15/98                 James R. Davis
---------           --------------------------                     ---------           --------------------------
  DATE                   Saul Sokol                                  DATE                   James R. Davis
                          Director                                                             Director





 3/15/98                 John S. Sokol
---------           -------------------------- 
  DATE                   John S. Sokol
                           Director
</TABLE>




                                       16
<PAGE>   17




                               INDEX OF EXHIBITS


     The following is the Index of Exhibits required by Item 601 of 
Regulation S-K.



<TABLE>
<CAPTION>
Exhibit No.                                 Description
-----------                                 -----------

<S>           <C>
   3(a)        Amended Articles of Incorporation (reference is made to Exhibit 3(a) of Form      
               10-K for the fiscal year ended December 31, 1984 (file number 0-8738), which is   
               incorporated herein by reference).                                                
                                                                                                 
   3(b)        Amended Code of Regulations (reference is made to Exhibit 3(b) of Form 10-K for   
               the fiscal year ended December 31, 1984 (file number 0-8738), which is            
               incorporated herein by reference).                                                
                                                                                                 
  10(a)        Amended Tax Allocation Agreement (reference is made to Exhibit 10(d) of Form      
               10-K for the fiscal year ended December 31, 1983 (file number 0-8738), which is   
               incorporated herein by reference).                                                
                                                                                                 
  10(b)        Private Passenger Automobile Physical Damage Quota Share Reinsurance Agreement    
               between Ohio Indemnity Company and North American Reinsurance Corporation         
               (reference is made to Exhibit 10(d) of Form 10-K/A for the fiscal year ended      
               December 31, 1992 (file number 0-8738), which is incorporated herein by           
               reference).                                                                       
                                                                                                 
  10(c)        Amended and Restated Unemployment Compensation Administration Agreement between   
               Ohio Indemnity Company and The Gibbens Co., Inc. (The Company has requested that  
               portions of this Exhibit be given confidential treatment.) (references is made    
               to Exhibit 10(e) of Form 10-K/A for the fiscal year ended December 31, 1992       
               (file number 0-8738), which is incorporated herein by reference).                 
                                                                                                 
               The following are management contracts and compensatory plans and arrangements    
               in which directors or executive officers participate:                             
                                                                                                 
  10(d)        Employee Profit Sharing Plan (reference is made to Exhibit 10(a) of Form 10-K     
               for the fiscal year ended December 31, 1986 (file number 0-8738), which is        
               incorporated herein by reference).                                                
                                                                                                 
  10(e)        1984 Stock Option Plan (reference is made to exhibit 10(d) of From 10-K for the   
               fiscal year ended December 31, 1984 (file number 0-8738), which is incorporated   
               herein by reference).                                                             
                                                                                                 
  10(f)        1994 Stock Option Plan - (reference is made to Exhibit 10(f) of Form 10-Q for     
               the fiscal quarter ended June 30, 1994 (file number 0-8738), which is             
               incorporated herein by reference).                                                
                                                                                                 
  13.1         Annual Report to Shareholders for the year ended December 31, 1997.               
                                                                                                 
  21           Subsidiaries of the Company as of December 31, 1997.                              
                                                                                                 
  23           Consent of independent accountants to incorporation of their opinion by           
               reference in Registration Statement on Form S-8.                                  
                                                                                                 
  27           Financial Data Schedule.                                                          
</TABLE>





                                       17