Set the Instant Pot to 'Sauté' mode and add the olive oil. Once hot, add the chopped onion and sauté until translucent (about 3-5 minutes).
Stir in the minced garlic, and cook for an additional 1 minute until fragrant.
Add the chicken pieces to the pot and season with salt, pepper, thyme, rosemary, and paprika. Sauté for another 5 minutes, until the chicken starts to brown.
Pour in the chicken broth, and scrape the bottom of the pot to release any stuck bits.
Add the sliced carrots and diced potatoes to the mix and stir to combine.
Close the Instant Pot lid and set the valve to 'Sealing.' Select the 'Pressure Cook' or 'Manual' option and set the timer for 10 minutes.
Once the cooking time is up, allow for a natural release for 10 minutes, then carefully switch the valve to 'Venting' to release any remaining pressure.
If you prefer a thicker stew, mix the cornstarch with a few tablespoons of stew liquid in a separate bowl until smooth, then stir it back into the pot. Select the 'Sauté' feature and cook for an additional 3-5 minutes until thickened.
Taste and adjust seasoning if necessary. Serve hot, garnished with fresh parsley.