Select sauté on the Instant Pot and adjust to normal. Add the water, milk, sugar, and jam to the pot. Cook and stir until sugar and jam dissolve.
Press cancel. Stir in the rice and cinnamon stick. Split the vanilla bean with the tip of a small sharp knife and scrape the seeds into the pot. Add the bean to the pot.
Secure the lid on the pot. Close the pressure-release valve. Select porridge. When cooking is complete, use a natural release to depressurize.
Remove and discard vanilla bean and cinnamon stick. Stir in fresh raspberries and cream.