In a large pot, heat butter and olive oil over medium heat.
Add onion, carrots, and celery. Sauté for 5–6 minutes until softened.
Stir in garlic and cook for 1 minute.
Sprinkle in flour and stir well to coat vegetables. Cook for 1–2 minutes.
Slowly whisk in chicken broth until smooth.
Add potatoes, thyme, paprika, salt, and pepper. Bring to a simmer and cook for 10–12 minutes until potatoes are tender.
Stir in shredded chicken and corn. Simmer for another 5 minutes.
Lower the heat and stir in heavy cream. Heat gently without boiling.
Adjust seasoning to taste and remove from heat.
Ladle into bowls, garnish with parsley and bacon bits if desired, and serve warm.