Dredge the chicken in the flour to lightly coat all the pieces.
Heat the Instant Pot on the Sauté setting.
Once the pot reaches the sautéing temperature, pour about 1 tbsp of the olive oil in the pot.
Brown one batch of chicken pieces (4 pieces), and set aside.
Add 1 more tbsp of olive oil and brown the next batch. Set aside.
Pour in the remaining olive oil and add the onions, garlic and bell peppers.
Sauté for about 2 to 3 minutes, or until the onions start to soften.
Add the wine and stir/scrape to deglaze the pot.
Place the chicken pieces back in the pot.
Add the tomatoes, tomato paste, broth, capers and pepper flakes.
Close the lid.
Close the steam valve (sealing) and press the Poultry button (15 minutes).
At this point, the Instant Pot will take roughly 12 minutes to build pressure and then cook 15 minutes.
Once the Instant Pot beeps, use the quick pressure release to let out the steam in about one minute.
Once the float valve drops (the steam is completely released), open the lid.
Add the black olives, basil and parsley, and give the pot a light stir.
Press the Keep Warm/Cancel button and serve the chicken with rice or pasta. Enjoy!