Boil chicken until no longer pink. Meanwhile, cook bacon until crisp. Stir in 1 tablespoon oil and onions. Cook until onions are soft. Stir in garlic, tomato paste, and thyme and cook until fragrant. Stir in flour and cook for 1 min. Whisk in 2 cups broth, scrapping up any browned bits; transfer to stock pot or other large pot.
Stir remaining 3 cups broth, potatoes, carrots, celery, peppers and bay leaves. Bring to a boil and cook until vegetables are fork tender.
Transfer chicken to cutting board and chop into bite size pieces. Discard bay leaves and place chicken in stock pot with the vegetables.
microwave creamed corn until hot, about 3 mins. Add creamed corn and heavy cream to stock pot. Heat through 5 mins. Stir in basil, season with salt and pepper to taste and serve.