In a large pot, heat the olive oil over medium heat. Add the diced onion and cook until translucent, about 5 minutes. Stir in the minced garlic and red bell pepper, cooking for an additional 2 minutes until fragrant.
Add the diced potatoes to the pot and pour in the chicken broth. Bring to a boil, then reduce heat and let simmer for about 15 minutes, or until the potatoes are tender.
Stir in the corn kernels and shrimp, cooking for another 5 minutes until the shrimp are pink and cooked through.
Reduce the heat to low and stir in the heavy cream and smoked paprika. Season with salt and pepper to taste. Heat through without boiling.
Serve hot, garnished with fresh parsley.