Heat olive oil in a saucepan over medium heat; saute chicken, onion, red bell pepper, and garlic until chicken is no longer pink in the center and onion is tender, 3 to 5 minutes. Add chicken broth and corn to chicken mixture.
Whisk milk and cornstarch together in a bowl until dissolved; stir into soup. Bring soup to a boil, reduce heat, and simmer until thickened, about 15 minutes. Stir white beans, Cheddar cheese, salt, and pepper into soup; simmer until cheese is melted, about 5 minutes.
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