Your 12-word recovery phrase can not be reset or changed. Once it’s set, it is set for life. If you lose this phrase, you have lost control of your wallet.
If you lose your recovery (seed) phrase, you will still be able to access your account (accounts, exchange, debit card, profile) via your email and password. You will be able to access your wallet via any device and browser which you have activated it on previously. If you lose the device you activated it on, or clear the device/browser cache, you will lose access too.
You need the recovery (seed) phrase to activate/reactivate your wallet on any device and browser you want to access it with. If your wallet is attached to your Kinesis Money account (not a stand-alone wallet), you will be able to see a “read-only” view of your wallet (you can see your balances but will be unable to transfer them). The recovery phrase will be required to make transferring possible on other devices/browsers.