Turn the Instant Pot to sauté mode and heat olive oil.
Add chopped onion and sauté until softened.
Stir in minced garlic and cook until fragrant.
Add cubed chicken and cook until lightly browned.
Season chicken with paprika, thyme, salt, and black pepper.
Add rinsed rice and stir to coat with seasoning.
Pour in chicken broth and mix well.
Close the lid, seal the valve, and set to pressure cook on high for 10 minutes.
Allow natural pressure release for 10 minutes, then quick release remaining pressure.
Open the lid, fluff rice with a fork, and garnish with fresh parsley before serving.