Heat the olive oil in a large skillet over medium-high heat. Add the beef chunks and brown them on all sides, then transfer the meat to the slow cooker.
Add the carrots, parsnips, potatoes, onion, and garlic to the slow cooker.
Pour the red wine and beef broth into the slow cooker. Stir in the tomato paste, thyme, and bay leaves. Season with salt and black pepper.
Cover and cook on low for 7 to 8 hours until the beef and root vegetables are tender.
Stir in the frozen peas during the last 15 minutes of cooking so they warm through but stay bright.