Yes it is possible with Tasker.
Method #1: If you are NOT technical, you can get the AutoInput app. This app works with Tasker and is from the same developer. What this does is it keeps looking for text information on the display to tell you whether something happens or not. For your exmaple, when DigitalSignage app crashes, does it show certain text? Error messages? If so, AutoInput can detect that and when it is detected, it can tell Tasker to relaunch the app.
Method #2: If you are technical, there are system logs that tell you an app has crashed. You can look for those logs. And if such logs are detected, Tasker can relaunch the app.