The rigid demand for long-term care security among elderly and disabled people in China is constantly increasing. However, due to the insufficient development of social long-term care insurance, the accelerated development of commercial long-term care insurance has become one of the important policy options. Therefore, the former China Banking and Insurance Regulatory Commission launched a pilot program for the conversion of liability between life insurance and long-term care insurance to further stimulate the potential of commercial long-term care insurance development. Based on the theory of multi-party cooperation under the leadership of government, the paper analyzes the potential risks in the pilot cities of conversion business, such as difficulties in unified goals, insufficient participation willingness and ability of all parties, lack of institutional guarantee and cooperation mechanism, etc. Based on the analysis, it is recommended to cultivate the concept of collaboration, strengthen the supply of talents, improve the institutional guarantee, and build diverse mechanisms, encouraging the exploration of new models for business conversion.