Melt butter in medium saucepan over medium-high heat. Add onion and red pepper; cook until tender.
Stir in flour until well blended. Stir in potatoes, corn, broth and thyme. Bring to a boil; reduce heat to low. Simmer 8-10 minutes or until potatoes are tender.
Stir in shellfish and milk; continue cooking until heated through. Sprinkle each serving with chopped parsley.