Yes - if you go through the whole conversational bit with Kol he gives you a key. This key gives you access to a Statue of Kerah which is inside the Serpent Temple - Talking to the statue will give you some background information on the story and there is some treasure in the room which you can collect.
You can get by with skipping this whole thing and have no problem with the rest of the game.
Or you can restore before you met Kol and make sure you get the key.
Wyv
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