If using fresh corn, use a sharp knife to cut the kernels off the cobs; you should have about 1-1/2 cups of corn. Set corn aside.
In a large saucepan, cook onion and sweet pepper in hot oil until the onion is tender but not brown. Stir in chicken broth and corn. Cook, covered, about 10 minutes or until corn is tender, stirring occasionally.
In a small bowl, combine flour, salt, and pepper. Stir milk into flour mixture; add to corn mixture in saucepan. Cook and stir until slightly thickened and bubbly. Cook and stir 1 minute more. Stir in chicken and crumbled bacon. Heat until warmed through.