Sear the beef (optional but recommended): In a skillet, heat olive oil over medium-high heat. Sear beef cubes in batches until browned on all sides. Transfer to slow cooker.
Sauté aromatics: In the same skillet, sauté onions, garlic, and bell peppers for 3–4 minutes until softened. Add paprika and tomato paste; cook 1 minute to release flavors.
Combine in slow cooker: Transfer sautéed vegetables and spices to the slow cooker. Add diced tomatoes, beef broth, caraway seeds, thyme, bay leaf, salt, and pepper. Stir gently.
Slow cook: Cover and cook on low for 6–8 hours or on high for 3–4 hours, until beef is tender and sauce is thickened.
Finish and serve: Remove bay leaf, adjust seasoning, and garnish with fresh parsley. Serve hot over egg noodles, mashed potatoes, rice, or with crusty bread.