Spray a large pot with non-stick cooking spray and heat it on medium heat until hot. Sauté the chicken, onion, and bell pepper until the chicken is browned and the vegetables are tender.
Stir in the potatoes and broth and bring to a boil. Reduce the heat and cover; simmer for 20 minutes, and then stir in the corn.
In a bowl, blend the flour and milk and then gradually stir it into the pot. Return the heat to a medium setting and bring to a boil. Reduce the heat and simmer until the soup has thickened, stirring frequently.
Stir in the cheese and make sure that it is blended well with the soup. If desired, add the salt and pepper, and sprinkle with bacon bits before serving.