Heat the olive oil in a large skillet over medium-high heat. Add the beef stew meat and brown it on all sides for even color and flavor.
Stir in the diced onion and minced garlic. Cook for two minutes until the onion softens.
Sprinkle the flour over the meat mixture and stir to coat. Cook for one minute more.
Pour in the red wine and scrape the bottom of the skillet to loosen any browned bits. Let it bubble for a minute.
Transfer everything from the skillet to the slow cooker. Add the cubed potatoes, sliced carrots, beef broth, tomato paste, dried thyme, and bay leaves.
Season with salt and black pepper. Stir to combine all ingredients.
Cover and cook on low for 8 hours until the beef is tender and the gravy has thickened.
Remove the bay leaves before serving.