Heat olive oil in a large pot over medium heat.
Add the diced onion and cook until translucent, about 5 minutes.
Stir in the minced garlic and diced red bell pepper, cooking for an additional 3 minutes until softened.
Add the shrimp to the pot and cook until they turn pink, about 3-4 minutes.
Stir in the corn kernels, chicken broth, Old Bay seasoning, and smoked paprika.
Bring the mixture to a simmer and let it cook for 10 minutes.
Reduce the heat to low and stir in the heavy cream.
Season with salt and pepper to taste.
Allow the bisque to heat through for another 5 minutes, but do not let it boil.
Serve hot, garnished with fresh parsley.