Add olive oil to a saute pan and heat over medium-high heat. Once hot, add in the beef stew meat, and season with salt and pepper. Sear the beef on all sides, for about 3 minutes, until browned.
Add the beef to the crockpot, along with the onion, potatoes, and carrots.
In a large mixing bowl, whisk together the beef broth, minced garlic, tomato paste, Worcestershire sauce, and thyme. Pour over the beef and vegetable mixture and add the bay leaf on top. Cover and cook on low for 6 to 7 hours or on high for 3 to 4 hours.
20 minutes before serving, remove the bay leaf. Combine the cornstarch and 3 tbsp water in a small bowl and pour into the beef stew. Stir to combine.
Add in the frozen peas and cover again. Once the peas are heated through and the stew has thickened, garnish with fresh parsley and serve.