Preheat oven to 375°F (190°C).
Season chicken breasts with salt and pepper.
Heat olive oil in a large oven-safe skillet over medium-high heat.
Sear chicken breasts until golden brown, about 4-5 minutes per side.
Remove chicken from skillet and set aside.
In the same skillet, add heavy cream, chicken broth, Parmesan cheese, garlic powder, Italian seasoning, and red pepper flakes. Stir to combine.
Bring the mixture to a simmer and cook until slightly thickened, about 5 minutes.
Return chicken to the skillet and spoon some sauce over each piece.
Transfer the skillet to the preheated oven and bake for 15-20 minutes, or until the chicken is cooked through.
Garnish with fresh basil before serving.