Add the olive oil into the instant pot and turn on the saute function. After the oil starts to sizzle add the meat and season with salt, pepper, and Italian seasoning.
Cook the meat until browned on all sides.
Add the beef broth into the instant pot and scrape/deglaze the bottom of the pan with a wooden or plastic spoon.
Add Worcestershire sauce, garlic, onion, carrots, potatoes, and tomato sauce.
Close the lid and the steam valve on the instant pot.
Cook on high pressure for 35 minutes, then allow the pressure to release naturally for 10 minutes before doing a quick release.
Mix together the cornstarch and cold water in a small bowl and stir into the stew until thickened.