To start with, place the steel insert, turn on the instant pot, and press 'Sauté' function. Add oil, once it's hot, add beef cubes in a single layer (avoid over crowding).
Let the Beef cook undisturbed 3-4 minutes until nicely the bottom is dark brown and crusty.
Turn the meat pieces, add salt, pepper, and continue to sear for another 3-4 minutes until everything is nice brown. Here I have not taken out the seared beef onto a plate, instead shoving it on one side of the pot.
Add chopped onion, and minced garlic to the instant pot. Sauté onion garlic and seared beef meat together until onion turns soft for about 4-5 minutes. You can add a spoonful or two beef broth to scrape down the brown bits and deglaze the bottom of the pot (this step will help avoiding the "burn" warning).
Add tomato paste, dried thyme and rosemary, soy sauce and balsamic vinegar, sauté for another 1 minute. Now, Add the beef broth and give a good stir, ensure bottom is free of brown bits and deglazed well.
Add carrots, potatoes, bay leaves on the top, do not stir.
Close the instant pot lid and turn the vent to sealing position. Pressure cook on 'High' for 35 minutes. Let the pressure release naturally before quick release, this will take around 15 minutes.
Turn the 'Sauté' on low, add peas. Add cornstarch slurry, and give a gentle stir only once and simmer until the stew thickens (1-2 minutes only).
Carefully dish out, sprinkle fresh thyme or chopped parsley and serve hot with crusty baguette or bread, steamed rice, brown rice, quinoa or mashed potatoes. Enjoy!